Caraco Pharmaceutical Laboratories Ltd. recently announced that it will invest approximately $14.5 million in a 140,000-square-foot expansion of its manufacturing operations in Detroit, Mich. The project will create 1,648 new jobs, including 598 directly by the company.
The Michigan Economic Growth Authority board approved a state tax credit valued at $6.8 million over 10 years. The city of Detroit has approved two local tax abatements for up to 12 years to support the project. When combined with personal property tax savings under the new Michigan Business Tax, the estimated value of the abatements is $5.7 million.
The Michigan EDC is working with the Michigan Department of Labor and Economic Growth, Henry Ford Community College, Wayne State University and Detroit Michigan Works! to develop and implement the recruitment and training program for Caraco.
Caraco Pharmaceutical Laboratories develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers. The company currently employs approximately 455 employees at facilities in southeast Michigan.
“This expansion should allow us to continue as a high-growth company in the generic pharmaceutical sector, which in turn should allow us to increase our research and development and improve our manufacturing capacity to enhance our capability to distribute and sell more quality, affordable general pharmaceutical products,” said Caraco CEO Daniel H. Movens.
For MORE NEWS BRIEFS, click here.
For a FREE SUBSCRIPTION to Expansion Management magazine, click here.
For MORE NEWS BRIEFS SORTED BY STATE, click here.
For MORE NEWS BRIEFS SORTED BY INDUSTRY or FUNCTION, click here.
For MORE NEWS BRIEFS SORTED BY COUNTRY, click here.
