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.