Actavis investing $48M to expand in Manatí, Fajardo
From left: Economic Development and Commerce Secretary Alberto Bacó, Bob Stewart, president of Actavis’ Global Operations, Gov. García-Padilla, and PRIDCO Executive Director Antonio Medina.
Pharmaceutical company Actavis is investing $48 million to expand operations in Manatí, where it will develop a solid dosage manufacturing and packing facility, and expand its current hormone production in Fajardo, Gov. Alejandro García-Padilla announced Wednesday.
Through an agreement with the Puerto Rico Industrial Development Company Actavis has committed to create up to 300 new jobs over a 36-month period, of which it already has created 100.
Wednesday’s announcement comes less than eight months after Actavis acquired Warner Chilcott’s global operations of, including the Manati and Fajardo plants, in a stock-for-stock transaction valued at approximately $8.5 billion, as this media outlet informado. All plans should be completed by 2016.
PRIDCO is promoting the Actavis expansion with incentives for job creation and infrastructure, among other benefits provided under the Economic Incentives for Development Act, the governor said.
The investment will allow the company to bring new generic, branded and bio-similar product lines. When the expansion is completed, Actavis will have 700 employees in Puerto Rico.
“This is a significant increase in production and jobs for a company that already is contributing close to $78 million a year to Puerto Rico’s economy, between salaries, income taxes and purchases to suppliers,” he said during a visit to the Manatí site.
Warner Chilcott has been in Puerto Rico since 2006 and five years later, it announced plans to restructure its Manatí plant into a distribution center, a move that resulted in laying off 87 of the 119 people who worked there at the time.
The company kept the hormone manufacturing operations in Fajardo, which was included in the October 2013 acquisition by Actavis.
Actavis is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generics, brand and bio-similar products with more than 30 manufacturing and distribution facilities around the world, including Puerto Rico.
And they will not pay any new taxes!
Let’s see how many military veterans they will hire. Hope it’s not 2 or 3