Novartis AG (NVS) Invests $160 Million in Factory Once Slated to Close
4/26/2013 8:35:02 AM
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Swiss pharmaceutical group Novartis has announced it will invest an additional CHF150 million ($160 million) until 2020 into bolstering its production site near Geneva, 18 months after it had threatened to close the facility. Novartis Switzerland Chairman Pascal Brenneisen said in Nyon on Thursday that after promising last year to keep the site operational, the company now intends to modernise it and ensure increased production. According to Novartis, there are currently 730 people working at the facility, 15 per cent more than 18 months ago. The company plans to invest CHF60 million over the next three years, followed by another CHF90 million by 2020.
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