COVANCE BEGINS $35 MILLION CONSTRUCTION ON A NEW PHARMACEUTICAL PACKAGING FACILITY
Expansion Of Allentown Facility Underway to Meet Increasing Demand |
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| Princeton, New Jersey, Sept. 9, 1998 — Covance Inc. [NYSE: CVD] a leader in drug development services, announced today that the company intends
to invest approximately $35 million on a new facility in Allentown,
Pennsylvania, to accommodate the continued growth of its pharmaceutical
packaging business. Approximately $15 million of this investment will be
spent on additional capital equipment over the next three years. The
pharmaceutical packaging business provides production, assembly, and
distribution of clinical trial supplies to the pharmaceutical and
biotechnology industries. |
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The new 200,000-square-foot, 18-acre site is intended to allow Covance to consolidate existing operations while fulfilling immediate and future growth needs. The new building is expected to be completed in the second quarter of
1999. An official groundbreaking was attended today by top local and regional
government representatives, as well as senior executives from Covance.
"Our investment in the area of pharmaceutical packaging is an illustration
of Covance's continued commitment to meeting our clients' growing demands,"
said Chris Kuebler, Chairman and CEO of Covance Inc. "These expanded services
are a perfect example of how we 'shape' solutions to meet the needs of our
clients in pharmaceutical and biotechnology industries."
Covance currently employs 200 people at its Allentown site and expects to
create more than 100 new jobs in the area over the next three years.
Accordingly, Covance received economic incentives from the Pennsylvania
Department of Community and Economic Development totaling approximately
$750,000.
"In choosing to expand in the Lehigh Valley, Covance recognizes the
outstanding workforce we have here in Pennsylvania," Pennsylvania Governor
Ridge said. "Covance has been a Lehigh Valley employer for nearly a decade,
now their presence grows even larger. As the pharmaceutical industry grows,
we'll help Covance grow, too. It's a worthwhile investment for all
Pennsylvanians."
Covance, with headquarters in Princeton, New Jersey, is one of the world's
largest and most comprehensive drug development services companies, with 1997
revenues of approximately $590 million, operations currently in 17 countries,
and more than 6,600 employees worldwide. Covance's purpose is to lead
advancements in drug development through science, service, and shaping
solutions. |
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