COVANCE ANNOUNCES CONSTRUCTION OF NEW OFFICE FACILITY TO ACCOMMODATE GROWTH
New offices built adjacent to Princeton corporate headquarters will house expanding clinical services unit |
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Princeton, New Jersey, September 15, 1997 — Covance Inc. (NYSE: CVD), a leader in global development services, announced that the company will begin construction of a new facility to accommodate growth principally in its clinical services business. Covance will build an 160,000-square-foot office building adjacent to its existing 152,000-square-foot headquarters in Princeton, New Jersey. The new facility is expected to be completed in the fall of 1998. Covance has committed approximately $55 million to the project in lease payments and improvements.
"As demand for pharmaceutical development services continues to increase, we must further strengthen and build our organization to meet the growing needs of our existing clients and be ready to capture new business opportunities in the future," said Chris Kuebler, Chairman and CEO of Covance Inc. "Our commitment to construct the facility will support the achievement of this goal."
Covance currently employs 800 people at its Princeton site and expects to create at least 200 new jobs in the area over the next few years. Accordingly, Covance received special financial incentives from the New Jersey Economic Development Authority (NJ-EDA) totaling nearly $1 million. New positions will include, among others, clinical project and data managers, study monitors, statisticians, programmers and regulatory professionals.
"I am pleased that Covance has chosen to expand its operations here, which will mean more higher paying jobs and more opportunity for New Jersey's well-trained workforce," New Jersey Governor Christine Todd Whitman said. "Their decision highlights the success of our Business Employment Incentive Program that is helping many New Jersey businesses grow and prosper and is also attracting new companies to our state."
Since becoming an independent, public company in January of this year, Covance has announced several other facility expansions and new office openings at sites around the world.
Covance Inc. (NYSE:CVD), with headquarters in Princeton, NJ, is one of the world's largest and most comprehensive biopharmaceutical development service companies, with 1996 revenues of approximately $495 million, operations currently in 17 countries, and more than 5,500 employees worldwide. Covance is dedicated solely to global development with scientific, medical, and managerial capability and expertise across the complete development process.
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