IPG Photonics receiving investment tax credits

Oxford, Mass. – IPG Photonics Corp. will receive more than $1.7 million in state investment tax credits as it prepares an $18.1 million expansion of its Oxford facility.

The fiber laser company is planning to construct a 101,500-square-foot building to support manufacturing. It will spend $11.8 million on construction costs and another $6.3 million for new machinery and equipment, according to a news release from the state's Executive Office of Housing and Economic Development.

The company's expansion will create 175 new jobs and retain 600 jobs. Oxford is supporting the project by giving IPG Photonics a tax increment financing deal worth $431,000.