Tuesday, August 14, 2007
Michael Shore, MEDC
Company to invest $14.5 million to grow manufacturing operations
Governor Jennifer M. Granholm today announced Caraco Pharmaceutical Laboratories Ltd. will invest approximately $14.5 million in a 140,000-square-foot expansion of its manufacturing operations in Detroit. The project will create 1,648 new jobs, including 598 directly by the company. A partnership between the Detroit Economic Growth Corporation and the Michigan Economic Development Corporation helped convince the company to expand in Michigan over competing sites in North Carolina and South Carolina.
The MEDC is working with the Michigan Department of Labor and Economic Growth, Henry Ford Community College, Wayne State University and Detroit Michigan Works! to develop and implement the recruitment and training program for Caraco.
An economic analysis conducted by the University of Michigan estimates that increased economic activity created by the expansion will generate an additional 1,050 indirect Michigan jobs, in addition to the 598 created directly by the company. The expansion will generate more than $675.3 million in personal income for Michigan workers over the life of the tax credit.
The Caraco expansion is one of nine economic development projects the governor announced today. In all, they are expected to create a total of 2,982 Michigan jobs.
Caraco Pharmaceutical Laboratories, Ltd. (Amex: CPD) develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers. The company currently employs approximately 455 employees at facilities in southeast Michigan.
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