Siemens Industry Inc.'s Worcester-based operation, known as Siemens MT, will move some employees to Gateway Park's newest building with the help of a $2.3-million tax increment financing deal, the state announced.
In addition, the state will provide an investment tax credit of $252,740.
Siemens will invest $2.5 million of its own money into the move, which will bring its non-manufacturing employees into 38,000 square feet of space in Worcester Polytechnic Institute's park.
The state Executive Office of Housing and Economic Development said the consolidation would create 12 new jobs and help retain another 192.
Siemens MT designs, builds and services rod and bar mills for the steel and non-ferrous industries and flat strip mill industry.
The 92,000-square-foot building, the second of five planned at Gateway Park, appears to be nearing completion. A Holyoke builder, The O'Connell Cos. Inc., is leasing property from WPI to finance, construct and own the $30-million, four-story building at 50 Prescott St.