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Bristol-Myers to Invest $165M in Puerto Rico Plant

From Associated Press (July 10, 2012)

SAN JUAN, Puerto Rico -- Drug maker Bristol-Myers Squibb Co. says it will invest $165 million to expand a manufacturing facility in Puerto Rico.

The company says the expansion at the plant in the town of Humacao will allow additional production of medicines to treat type 2 diabetes and new cardiovascular medicines. A statement from the company Tuesday said the expansion will create about 100 full-time jobs.

Construction at the nearly 49-acre site is scheduled to start this year and be completed in 2016.

The U.S. island territory has long been a major center of pharmaceutical manufacturing, though the industry has cut back in recent years. Bristol-Myers Squibb completed a $200 million expansion of a facility in the Puerto Rican town of Manati in 2009.

Posted: July 2012