A growing custom-printing company plans to open a new sales office in Providence, adding 40 employees over the next year.
The company, Vistaprint, will be eligible for about $2.2 million in state tax incentives over the next decade, if it creates a minimum of 125 jobs over the next three years. Commerce Secretary Stefan Pryor said the incentives won’t be granted until the new jobs are created.
“Over the next 12 years, that will generate $5.3 million in net new state revenue," Pryor said during a news conference Wednesday outside the offices of the state Commerce Corporation. "This is a revenue-positive transaction for Rhode Island. The $2.2 million is derived from personal income taxes pledged back from the creation of the new jobs.”
Pryor said the announcement marked the 17th move by a company to relocate to Rhode Island, or expand in the state, since Governor Gina Raimondo took office in January 2015.
Vistaprint hopes to create up to 275 jobs by 2023.
The head of Vistaprint Corporate Solutions, Don LeBlanc said the company was attracted by a combination of factors, including the incentives available in Rhode Island, a labor supply of college graduates, and the overtures by state officials including Raimondo.
While the Providence office will consolidate operations at three U.S. and foreign sites, about 90 percent of the workers there will be new hires, LeBlanc said.
LeBlanc said Vistaprint will pay median salaries of around $50,000 and up. The company is considering office space in Providence’s Jewelry District.