Pharma Company Plans to Invest $39 Million in NY Facility & Create 350 Jobs
10/20/2011
InvaGen President Sudhakar Rao Vidiyala said his company's partnership with state and local governments will allow it to "expand its research and production of pharmaceutical products here."
The project also would double the workforce of the Hauppauge-based firm, which mainly manufactures generic drugs. InvaGen's three existing facilities in Hauppauge employ approximately 330 associates.
The Cuomo Administration has approved the tax credits through the state's jobs program operated via the Empire State Development Corp. The company can use the credits in combination with $4 million local property-tax incentives to offset building expenses. However, it can't obtain the tax credits until certain job requirements are met.
The company also is waiting for FDA approval prior to beginning construction, it has been reported.
"Creating 350 new jobs on Long Island is a real victory for the local economy and a clear sign New York is rapidly becoming a place for businesses growth and success," said Gov. Andrew Cuomo.
Most Read
- Front Line: Construction Industry Faces a Labor Shortage
- Why Top Consulting Firms Are Choosing This Location
- What Does Industry 4.0 Mean for U.S. Manufacturing?
- 32nd Annual Corporate Survey & the 14th Annual Consultants Survey
- First Person: Disruptive Technologies Changing the Business Landscape
- Due Diligence: Thoroughly Investigating the Technical Aspects of a Site
- Tax Reform Through the Eyes of a Design-Build CEO
SPECIAL PRESENTATIONS
-
West Coast "Tech" Cities Top List, Smaller MSA's Show Workforce Chops
-
2017 Gold & Silver Shovel Awards Recognize States Compiling Healthy Rosters of New and Expanded Facilities
-
2017 Top States for Doing Business: Georgia Ranks #1 Fourth Year in a Row
-
31st Annual Survey of Corporate Executives: Confidence in U.S. Economy, Need for Investment in Infrastructure Reflected