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Tech Valley News
Akrimax to Purchase Tech Valley Facility
Akrimax Pharmaceuticals Inc., an emerging pharmaceutical company, will purchase the Wyeth Pharmaceutical plant in northern Tech Valley, preserving one of the largest pharmaceutical manufacturing operations in New York state.
During a two-year transition period, Akrimax will lease a portion of the manufacturing facilities to Wyeth, and Wyeth will continue operations until Akrimax integrates its own products into the facility’s operations. Akrimax will eventually hire nearly 800 employees from Wyeth.
"We've looked at other facilities," Akrimax Vice Chairman Leonard Mazur said. "This facility is world class."
“Akrimax’s investment signifies its faith in the skilled local workforce, the region as a whole and to New York state,” said Gov. Eliot Spitzer.
Wyeth Pharmaceuticals will maintain its presence in Tech Valley with its chemical separation operations at Rouses Point, Wyeth R&D in Chazy and Wyeth Packaging in Plattsburgh.
In recognition of its commitment to New York, Empire State Development offered Akrimax a $2 million capital grant. State Senator Betty Little also secured an additional $1 million economic development appropriation.
The Wyeth pharmaceutical plant in Rouses Point encompasses approximately one million square feet of manufacturing space.
It is expected that Akrimax will bring additional business to the facility through contract agreements with third parties.
“Our plan is to develop, manufacture and distribute pharmaceutical products from our own product portfolio and other third-part contracts,” Joseph Krivulka, chairman of Akrimax said. “We will accomplish that with the special expertise and knowledge of the people at this terrific plant.”
“This has once again demonstrated the ability of Tech Valley to respond to change with positive teamwork and a determination to find a new way forward,” Garry Douglas, president and CEO of Plattsburgh-North Country Chamber of Commerce said. “The Chamber is proud of the team that has made today's announcement possible, and is keeping that team in full harness for more good things ahead. Welcome Akrimax. Onward and upward."
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