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Under Romney's Bain Capital, Dade Behring received millions in tax breaks before it laid off hundreds
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Candidate
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Contributor | RP |
Last Edited | RP May 15, 2012 01:34pm |
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Category | Analysis |
Author | Adam C. Smith |
Media | Newspaper - Tampa Bay Times |
News Date | Tuesday, May 15, 2012 04:30:00 PM UTC0:0 |
Description | In advance of Mitt Romney's fundraising swing through Florida tomorrow Democrats are highlighting one of the business ventures of Bain Capital while Romney was in charge: Dade Behring, which, saddled with debt, wound up shuttering two medical technologies facilities in Miami. Some 850 jobs were lost, while Bain walked away with $242-million - an 800 percent return on its investment
The Dade Behring case has been well-documented, but here's a new wrinkle: The company under Bain's leadership sought and received millions of dollars in tax breaks for creating jobs in Puerto Rico - shortly before closing it's facilities, costing nearly 300 jobs.
The company in 1997 received a $3-million federal tax break aimed to promoting job creation in Puerto Rico. It also received a $4.1-million tax exemption from Puerto Rick in 1997 in the name of job creation. Dade ceased its operations in Puerto Rico in the first quarter of 1998. |
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