IDEXX Laboratories Inc. (NSDQ:IDXX) is looking to do some major renovations to its Westbrook, Maine headquarters.

The veterinary diagnostics maker said it is investing $50 million to build a 200,000-square-foot corporate administrative building, a move the company said could result in the addition of 500 new jobs. IDEXX employs about 1,600 workers at its Maine facility, according to the Portland Press Herald.

IDEXX, which recently extended a stock repurchasing program to add more than 6 million shares, posted fourth-quarter sales of $270.3 million for the three months ended Dec. 31, 2009, up 11.1 percent compared with $243.3 million during the same period last year.

During the quarter, net income rose 31.4 percent to $31 million, compared with $23.6 million during Q4 2008.