Actavis (ACT) Dumps $48 Million To Expand Puerto Rico Operations, Committed To Creating 300 New Jobs
5/29/2014 7:53:53 AM
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Puerto Rico and Actavis announce expansion
Manatí, PR – The Commonwealth of Puerto Rico and Actavis plc (NYSE: ACT), a global specialty pharmaceutical company, announced today an approximately $48 million investment to improve and expand the company's manufacturing operations in Puerto Rico. The new investment includes the development of a solid dosage manufacturing and packaging facility at Actavis' site located in Manatí, a municipality on the northern region of the island, and an expansion of Actavis' current hormone manufacturing and packaging center in Fajardo, a municipality on the eastern region of Puerto Rico. The development and expansion of both the Manatí and Fajardo facilities are expected to create up to 300 new jobs over a 36-month period.
"As these manufacturing sites live a new beginning full of hope, the same thing is happening to Puerto Rico. The country is living a transformation. The Economic Recovery Agenda is the path traced for the new dawn. It's the road to the transformation that will allow us to pay our debts with the past and the future", said governor Alejandro García Padilla.
Actavis came to Puerto Rico after acquiring the operations of Warner Chilcott plc in 2013, and with this new investment the company will reactivate manufacturing operations at the Manatí site. The jobs created will be mainly for manufacturing activities, packaging operations and associated support resources.
"The expansion of our manufacturing footprint in Manatí and Fajardo represents a significant investment in the future of our Company, and underscores our commitment to building our presence in Puerto Rico," said Robert Stewart, President, Global Operations for Actavis. "With this expansion in place, we will be better positioned to manufacture and package both current and future products within a highly recognized pharmaceutical and life-science experience environment, ensuring their timely availability to consumers in Puerto Rico and around the world."
Currently, Actavis' operations in Puerto Rico include research & development activities, manufacturing operations and packaging of hormonal and non-hormonal products. The proposed expansion is expected to be completed by 2016 and will provide Puerto Rico with the opportunity to assist in bringing new branded and generic medicines to market.
As part of the Commonwealth's plan to strengthen and diversify the economy, the Puerto Rico Industrial Development Company (PRIDCO) is promoting this expansion with the incentives provided to manufacturing operations in Puerto Rico under the Economic Incentives for the Development of Puerto Rico Act, including job creation and infrastructure incentives.
"The transformation of our economy is happening and is real", added Antonio Medina Comas, Executive Director of PRIDCO. "This announcement with Actavis represents a major win, reinforcing our pharmaceutical segment where we are pursuing opportunities in key areas of growth, such as generic, brand and biosimilars. Actavis' arrival also demonstrates that Puerto Rico is the preferred destination for this type of investment because of its life-sciences experience, human capital and economic incentives."
Actavis is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis Global Operations has more than 30 manufacturing and distribution facilities around the world, including the two sites in Puerto Rico.
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