The Missouri Development Finance Board on Tuesday unanimously approved more than $2 million in Missouri BUILD bonds for Boehringer Ingelheim Vetmedica Inc., said spokesman John Fougere of the Missouri Department of Economic Development.

The company plans to expand its existing facilities in St. Joseph by building an onsite centralized office building, expanding its manufacturing plant, and broadening its research and development activities. The $130 million project is slated to create 124 new jobs.

The Missouri BUILD Program provides a financial incentive for the location or expansion of large business projects. The incentives are designed to reduce necessary infrastructure and equipment expenses if a project can demonstrate a need for funding.

Eligible applicants are required to invest a minimum $15 million in capital improvements for a project and create at least 100 new jobs within three years, in return for income tax credits.

The state incentives will help pay for site preparation and sidewalks at the headquarters of Boehringer, the Associated Press reported.

The company sells biological and pharmaceutical products for cattle, hogs, horses and pets. It already has about 550 full-time employees in St. Joseph