Exact Sciences plans for expansion still on despite layoffs, company says
MADISON, Wis. — Despite laying off approximately 230 employees this week, Exact Sciences says it still plans to move forward with its $350 million expansion project in Madison — although it has put a significant part of the project on hold.
Exact Sciences Associate Director of Corporate Affairs Scott Larrivee tells News 3 Now that construction to expand their clinical processing lab and warehouse is already “well underway,” although they have made the decision to temporarily pause construction on the R&D Center of Excellence in University Research Park “for a couple of years.” Larrivee says that part of the project is on hold while “we focus our efforts and dollars on longer term growth opportunities.”
Despite the layoffs, which were announced to employees on Tuesday this week, Larrivee says Exact Sciences still thinks it will have a “net positive increase to employee headcount” by the end of this year.
“As announced in January, we remain committed to investing an additional $350 million in our Madison campuses, which will help create more than 1,300 new jobs,” Larrivee said.
Laid-off workers are being offered “a comprehensive severance package and outplacement services” and are being encouraged to apply for other open positions, Larrivee told News 3 Now on Thursday night.
Exact Sciences announced the expansion project in January, saying it was getting $18.5 million in Enterprise Zone tax credits from the Wisconsin Economic Development Corporation — as long as it met capital investment and job creation goals by 2025.
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