Pharmaceutical company expanding in southside Virginia
RINGGOLD, Va. (AP) — A pharmaceutical manufacturing company is setting up shop in southside Virginia, a move that’s expected to create 70 new jobs.
Gov. Ralph Northam traveled to Pittsylvania County on Tuesday to announce North Carolina-based Panaceutics’ plans to invest $5.8 million to establish a research and development and manufacturing facility.
The Danville Register & Bee reports the company’s specialty is combining multiple pills into a packet of easy-to-swallow fruit puree.
Northam’s office said in a press release that Virginia successfully competed against North Carolina for the project.
The press release says the governor approved a $105,000 grant to assist the county with the project, and the Virginia Tobacco Region Revitalization Commission approved $405,000 in funds.
The company will also be eligible for certain tax exemptions.
Information from: Danville Register & Bee, http://www.registerbee.com