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INDIANAPOLIS (Aug. 14, 2008) - Lt. Governor Becky Skillman and Indianapolis Mayor Greg Ballard joined executives from oil analysis firm POLARIS Laboratories to announce the company's plans nearly double its Indiana workforce here, creating 80 new jobs by 2014.

The northwest Indianapolis laboratory, which analyzes oils, fuels and coolants to improve equipment reliability for companies throughout North America, South America and Europe, will invest more than $1.65 million and add 10,000 square-feet to its Indianapolis headquarters and laboratory operations.

"POLARIS Laboratories' work to help companies increase equipment longevity and decrease oil consumption has global implications. Their continued growth here in Indiana is creating jobs for Hoosiers and having a positive impact on the environment around the world," said Skillman.

Founded in 1999, the company employs 84 at its Indianapolis facility and plans to begin hiring data analysts, laboratory specialists and customer service professionals later this year before completion of its initial expansion set for the end of January 2009.

"Indianapolis has proven to be a great home for both our headquarters and one of our primary operational hubs," said Bryan Debshaw, chief executive officer of POLARIS Laboratories.

The laboratory's testing and analysis services monitors fluid contamination and equipment wear to identify optimum drain intervals, saving clients millions of dollars annually in reduced downtime, equipment repair and replacement costs.

"It is great that POLARIS Laboratories has decided to double their presence in Indianapolis," said Ballard. "While the company has locations other places, the affirmative decision to make their investment in Indianapolis is a sign that our city is a great place to do business."

The Indiana Economic Development Corporation offered POLARIS Laboratories up to $400,000 in performance-based tax credits and up to $85,000 in training grants based on the company's job creation plans. The city of Indianapolis will consider property tax abatement at the request of Indianapolis Economic Development, Inc. and the Indy Partnership.

"Part of what we do is to help industries be more competitive worldwide," Debshaw said. "We've developed exclusive software technologies - one which manages our laboratory operations and a reporting solution that allows us to deliver not only test results but a tool for utilizing that data to make organizational decisions that can significantly impact a company's performance and its bottom line. It is information technology that makes us unique, and it's why we've grown so quickly and can continue to do so consistently."

POLARIS Laboratories Headquartered in Indianapolis since 1999, POLARIS has grown from a staff of five, to a total of 112 employees with laboratories also located in Houston and Salt Lake City. Its newest facility is scheduled to open next month in Edmonton, Alberta, Canada. State-of-the-art facilities and instrumentation, highly skilled laboratory technicians and data analysts and a national team of technical sales and service professionals have positioned POLARIS at the forefront of the oil analysis industry. POLARIS was named Indiana's Small Business of the Year this past June by the Indiana Chamber of Commerce and has made the IBJ's Fastest Growing Companies list four years in a row. For more information about POLARIS Laboratories, visit http://www.polarislabs.com.