Media Center

County OKs incentive for drug maker

16 July 2014

The Enquirer Journal

The Union County Board of Commissioners approved an economic development grant for an amount not to exceed $340,000 over a 5-year period to what could become the county’s first pharmaceutical company.

The company is Glenmark Pharmaceuticals Limited, an India-based company that manufactures generic medicines, Assistant County Manager Wes Baker told commissioners.

Glenmark plans to invest about $3 million up-fitting a facility, which is a spec building constructed by Monroe Union County Economic Development in the Monroe Corporate Center, Baker said. The company proposes investing $14 million in equipment over the next five years.

“The taxes over the five-year period, depending on the timing of the investment, could be as much as $761,000,” Baker said.

Glenmark requested a “STEP 2” incentive grant of $340,000 after all equipment was in the building.

Baker said the grant would return an estimated $3.47 in tax revenue for every $1 the county invested within the first five years. Over ten years, the return to the county is estimated at $7.02

“They’re going to create about 41 jobs and these jobs, the average pay will be somewhere in the $65,000 to $68,000 range,” Baker said.

No one spoke during the public hearing.

Commissioners approved the grant by unanimous vote.

For full article, click here.



Back Add to Prospectus