Indian pharma company considers $9.5M Monroe expansion
21 January 2015
By Adam Bell, Charlotte Observer
An Indian pharmaceutical company is considering a $9.5 million expansion for its Monroe manufacturing plant even before production begins in April.
Glenmark Pharmaceuticals expects to make a decision this month among several sites for its expansion, said Chris Platé, executive director for Monroe-Union County Economic Development.
In July, the company announced it was investing $17 million to open its first North American manufacturing site in Monroe near the Charlotte-Monroe Executive Airport.
Glenmark will make generic oral solid drugs, as well as topical and injectable ones, under the name Glenmark Generics.
The expansion would cover building improvements, machinery and other equipment but would not add more jobs, Platé said.
Glenmark plans to employ 41 people over its first three years, with an average annual wage of $68,000.
It makes sense for Glenmark to expand in Monroe, Platé said, given that it is already in construction mode and local officials have already demonstrated their commitment through various incentives.
Glenmark received a little more than $1 million in incentives from the state, county and city for its initial investment.
Tuesday night, Union County commissioners unanimously approved an incentive grant of up to $190,000 over five years, and the Monroe City Council unanimously approved donating a 5-acre site worth $68,000 to Glenmark. The land is adjacent to the company’s 15-acre site.
“I feel good about our chances, but you just never know,” Platé said.
A Glenmark official could not be reached for comment Wednesday.
Glenmark is the first Indian company in Union County, and the first pharmaceutical firm to operate in the county in 20 years. Based in Mumbai, India, Glenmark said its annual revenue was about $1 billion for the fiscal year that ended last March 31.
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