Pfizer Invests in Plant in Saudi Arabia
From Day, The (New London, CT) (October 6, 2011)
Oct. 06--Pfizer Inc. plans to build a major new multimillion-dollar pharmaceutical manufacturing and packaging plant in Saudi Arabia that will employ up to 200 people and have the capacity to produce up to 1 billion pills annually, Arab websites reported Wednesday.
Pfizer, which at the end of 2007 closed a longtime manufacturing plant in Groton that once employed hundreds of people, made no official announcement. But the Saudi Press Agency said New York-based Pfizer signed an agreement Tuesday with the Saudi Arabian General Investment Authority at a ceremony attended by Prince Saud bin Khalid Al-Faisal and U.S. Ambassador James B. Smith.
"We will initially produce 100 million tablets and capsules with an ultimate target of 1 billion a year," said Bulent Atlig, vice president of Pfizer global supply, in an interview with ArabNews.com.
The project, which should be completed by 2015, will be located in King Abdullah Economic City in Rabigh. It is Pfizer’s first pharmaceutical plant in the Middle East, according to the Saudi Press Agency.
Among the drugs to be produced in the Saudi plant are cholesterol pill Lipitor and erectile-dysfunction treatment Viagra.
No financial details were released, but the Middle Eastern website AMEinfo.com noted that "the Pfizer project will benefit from the competitive advantages offered by the Saudi Government, aimed at attracting more investors and promoting KAEC as a business and industry centre of excellence."
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Posted: October 2011