Masters Pharmaceutical's $16M HQ Expansion Brings New Jobs to Mason

March 31, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff

Cincinnati-based Masters Pharmaceutical announced yesterday that it is moving its corporate headquarters from Forest Park, Ohio to Mason, Ohio. The company plans to build a 300,000-square-foot office, warehouse and distribution center on 47 acres. The facility is expandable to 550,000 square feet.

Part of the move is connected to an incentive package offered by the Ohio Tax Credit Authority. Masters Pharmaceutical’s parent company is 360 Pharma.

“Our move to Mason represents a significant opportunity for all our companies to continue to establish themselves as leaders in our industries, marked by a strong commitment to wellness for our customers and our employees,” said Dennis Smith, president and chief executive officer of 360 Pharma in a statement. “Mason provides a holistic, campus-like setting where we can achieve our business and community objectives, and ensure our continued success.”

The package offered by the Ohio Tax Credit Authority involves a 55 percent tax credit over a seven-year period based on an anticipated payroll of $5.2 million. If all the jobs the company projects happen, the incentives would total about $499,000.

The 360 Pharma Group expects to invest $16 million in the land, building and equipment. “We’ll move our executive side and our sales team to Mason,” said Smith in a statement. “We have an inside sales force of about 130. And we have about 10 national account managers who travel throughout the United States to larger customers. We also do trade all throughout Asia—Taiwan, China, Korea.”

At this time the company expects about 225 employees will move to Mason from the company’s Forest Park and Fairfield locations. In addition, it plans to add new jobs. “We pledged to add 100 jobs by 2020, but anticipate adding more jobs by then,” said Smith.

The company expects to sell its Forest Park facility, but keep the Fairfield location, which is primary a warehousing and distribution center. Smith indicated that from 72 to 100 jobs would stay at that location.

Masters Pharmaceutical provides prescription drugs to approximately 17,000 pharmacies across the U.S. It has also expanded into medical devices and third-party logistics. Included in the 360 Pharma Group is Masters Pharmaceutical, MHC Medical Products, MHC Pharma, RxTPL and Delta Hi-Tech Inc.

Privately held, 360 Pharma claims yearly revenue of about $220 million. The company indicates it is interested in creating a more campus-like environment with the new headquarters location.

“We want to deliver a lot of amenities to our employees,” Smith said in a statement. “It will have ponds and walking trails and a fitness center and a bistro. They will be able to have lunch and breakfast on site. We may cater it in the beginning, but we eventually want to have a chef. We’re really trying to develop a Google-type atmosphere for the employees, where they prefer to stay on campus.”