Glenmark Pharmaceuticals plans to invest $17 million in new Union County plant in Monroe

Specifications:

Name:

Glenmark Pharmaceuticals plans to invest $17 million in new Union County plant in Monroe

Location:

Monroe

Company:

Glenmark Pharmaceuticals

Estimated Cost:

$17 Million

Source:

charlotteobserver.com 

Introduction:

Indian pharmaceutical company Glenmark plans to invest $17 million and open its first North American manufacturing facility in Monroe.

Features:

Glenmark Pharmaceuticals also intends to hire 41 people over its first three years for its plant, which will make generic drugs. The average annual wage is expected to be $68,000.

The city agreed to sell a 102,000-square-foot building to Glenmark for $2.96 million instead of the appraised price of $3.58 million. That $625,500 discount represented Monroe’s incentive for Glenmark, Platé said.

Production should start in Monroe by early spring 2015, according to Glenmark.