Teva Pharmaceuticals Will Bring Distribution Facility, 200 Jobs to Phila.
Teva Pharmaceuticals Will Bring distribution facility, 200 jobs to NE Phila. [The Philadelphia Inquirer]
From Philadelphia Inquirer (PA) (October 28, 2010)
Oct. 28--Teva Pharmaceuticals USA, the American arm of the Israeli company that is the world’s largest generic-drug maker, will create 200 jobs at a distribution facility it plans to open in Northeast Philadelphia.
An announcement about the company’s new distribution facility, to be located on Red Lion Road, is expected at 1 p.m. Thursday at City Hall.
Few details were available late Wednesday, but a statement from U.S. Rep. Allyson Y. Schwartz (D., Pa.) said Teva will construct three buildings totaling 1.2 million square feet on a 140-acre parcel on Red Lion Road.
The $295 million project will create more than 200 jobs within three years and retain more than 200 existing positions, the release from Schwartz said.
The company said it would not answer questions until Thursday’s news conference.
The decision to move to the Red Lion Road site means Teva will cancel plans to build a distribution facility in Warrington, Bucks County. Neighbors there had opposed the new facility, saying it would bring too much traffic and other problems into a residential area.
The expansion does not affect the company’s U.S. headquarters, which will remain in North Wales, Montgomery County.
Mayor Nutter and Gov. Rendell are expected to attend Thursday’s announcement.
Teva Pharmaceutical Industries specializes in developing and selling generic and proprietary drugs. It had 2009 revenue of $13.9 billion and net income of $2 billion.
The company has been growing rapidly, mostly through acquisition. In 2008, it acquired a maker of generic birth-control pills, for about $7.5 billion.
Patent expirations on many brand-name drugs are expected to propel the company’s growth further.
A generic is a federally approved medication that contains the same amount of the same active ingredient as a branded drug. Generics are significantly less expensive than branded drugs, making them a popular choice as consumers and businesses seek ways to lower health-care costs.
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Posted: October 2010