500 jobs saved in Henrico

farevaA Henrico manufacturing plant won’t be shutting down after all — it’s just changing hands.

Fareva, a privately-held international contract manufacturing firm, will acquire and invest $43 million into a Pfizer plant in eastern Henrico County that was slated for closure.

Fareva will hire almost 500 workers currently employed at the Darbytown Road plant and add an additional 90 positions.

Luxembourg-based Fareva has secured a contract with Pfizer to continue producing a line of consumer products for the company that includes Advil, ChapStick and Robitussin.

“This project is also significant because well-known Pfizer products will continue to be manufactured at the facility as Fareva expands into the North American market with its first U.S. site,” Gov. Bob McDonnell said in a statement announcing the deal.

Pfizer announced last May that it would wind down operations at the plant over a period of three years.

More than $1.4 million in state grants and incentives were made available to Fareva to secure the project for Virginia, according to the governor’s office.

farevaA Henrico manufacturing plant won’t be shutting down after all — it’s just changing hands.

Fareva, a privately-held international contract manufacturing firm, will acquire and invest $43 million into a Pfizer plant in eastern Henrico County that was slated for closure.

Fareva will hire almost 500 workers currently employed at the Darbytown Road plant and add an additional 90 positions.

Luxembourg-based Fareva has secured a contract with Pfizer to continue producing a line of consumer products for the company that includes Advil, ChapStick and Robitussin.

“This project is also significant because well-known Pfizer products will continue to be manufactured at the facility as Fareva expands into the North American market with its first U.S. site,” Gov. Bob McDonnell said in a statement announcing the deal.

Pfizer announced last May that it would wind down operations at the plant over a period of three years.

More than $1.4 million in state grants and incentives were made available to Fareva to secure the project for Virginia, according to the governor’s office.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest

1 Comment
oldest
newest most voted
Inline Feedbacks
View all comments
R Sweeney
R Sweeney
13 years ago

Soon, Pfizer will pressure Fareva for price reductions on the contract, threatening to move production off-shore if they don’t comply.

Outsourced production is not all roses. Let’s hope for the best.