MassMutual has announced that it's planning on making an multimillion dollar investment into Massachusetts
The company said Thursday that they expect to increase the workforce at their Springfield headquarters by 50 percent by adding 1,500 positions to the State Street facility over the next four years.
By 2021, there are expected to be a total of 4,500 employees in Springfield.
"MassMutual expects to make an investment of $50 million in facilities improvements at its State Street campus over the next several years to accommodate this growth," the company said in a statement.
In addition, MassMutual said that it will expand its presence in Boston by building a new campus on Fan Pier in the city's Seaport district by 2021.
That facility, which will be in excess of 300,000 square feet, will ultimately house 1,000 employees.
The total investment into the state, the company noted, is nearly $300 million.
“Following a thorough strategic assessment of our operations and footprint, we concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term. We have deep roots and a supportive community in our hometown of Springfield, and we will continue to invest and grow our workforce in the city. At the same time, as we evolve, a stronger Boston presence immerses us in a booming 2 financial and digital economy and provides us with an enhanced opportunity to recruit innovators from the area’s deep and diverse talent pool," said MassMutual Chairman, President, and CEO Roger Crandall.
According to MassMutual, as part of its agreement with state officials, they will receive an incentive package of approximately $46 millions from the state. The incentives are contingent upon MassMutual meeting its job-creation obligation of 2,000 jobs.
That job growth will come through new hires and relocation from other MassMutual sites to both Springfield and Boston.
Congressman Richard Neal said in a statement, “This is terrific news for our community and state. MassMutual has made its home in Springfield for nearly 170 years. The company has been a solid corporate citizen that continues to invest its considerable resources locally. Today’s announcement that they are expanding their workforce in the city by 1,500 employees will have a significant and immediate impact on the region’s economy. I welcome MassMutual’s decision and believe it is vote of confidence in the City of Springfield and the Commonwealth of Massachusetts."
Western Mass News will continue to follow this story and will have more as it becomes available.
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