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PuraCap Laboratories to invest in Franklin, KY - create 30 jobs
Southern KY Economic Development: Pharmaceutical packaging and distribution facility to see $2.5 million upgrade
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Jack Mazurak & Woody Maglinger
News from Gov. Matt Bevin's Communication Office
FRANKFORT, KY (27 Mar 2017) - PuraCap Laboratories LLC will expand its Franklin operations with a $2.5 million investment, creating 30 full-time jobs and transforming the facility into the company's global pharmaceutical packaging and distribution hub, Gov. Matt Bevin announced today.
"Pharmaceutical production, packaging and distribution was Kentucky's third leading export last year," said Gov. Bevin. "PuraCap Laboratories' significant investment represents continued growth in this industry and reflects positively on the dedicated workforce of Simpson County. We are very grateful that PuraCap chose Kentucky, and we wish the company ongoing success."
The project comes nearly a year after PuraCap purchased Blu Pharmaceuticals LLC, a privately held generic pharmaceutical company, which located in Franklin in 2007. Since the acquisition, PuraCap added packaging operations, increased distribution capacities, purchased new equipment and nearly doubled employment to include 25 Kentucky residents. The Franklin site currently consists of two packaging lines with three pouching lines expected to be operational in the coming weeks.
In this new project, the company plans to add two more packaging suites to support new and existing business and expand the warehouse into the existing facility. The existing 180,000-square-foot building is large enough to house the changes.
"We are very pleased to expand our business in Franklin, Ky. Our recent acquisition of the site in Franklin is one of many that PuraCap International has taken in the past year to expand our presence in the generic pharmaceutical industry," said PuraCap International president Sean Weeks. "Providing full customer services from this site allows for streamlined supply chain functions, as this location is central to a majority of our customers' distribution centers in the USA. We appreciate the support shown by the state of Kentucky for the continued growth and success of our company."
PuraCap Laboratories is a subsidiary of PuraCap International LLC, located in Piscataway, N.J. The company's Franklin operation repackages and distributes products from PuraCap manufacturers, including PuraCap Caribe in Puerto Rico, PuraCap Pharmaceuticals LLC in New Jersey and Epic Pharma LLC in New York. Products include non-controlled prescription drugs, over-the-counter drugs and a medical device. Consumers of the Franklin facility's products include retailers, wholesalers, government agencies and other customers across the country.
Sen. David Givens, of Greensburg, said the company has been an important player in the region for the past decade.
"The decision by PuraCap Laboratories to keep Blu Pharmaceuticals here in Simpson County is a welcome one, as the company has played an important role in Franklin's economy since 2006," Sen. Givens said. "Additionally, I thank this company for its long-term $7.3 million investment and the creation of 30 new jobs, and I wish Blu Pharmaceuticals the best in its future endeavors."
Rep. Wilson Stone, of Scottsville, thanked the company's executives for their commitment to the community.
"It's always good news when we can add jobs to our local economy, and I want to thank the officials with PuraCap Laboratories LLC for their decision to maintain and expand the company's Franklin facility," he said. "We offer them our congratulations for continued success, and appreciate their investment in our community and their faith in our workforce, which is one of the best you can find anywhere."
Franklin Mayor Ronnie Clark emphasized the significance of the project.
"PuraCap Laboratories' expansion in Franklin is great news for our community," he said. "This large, New Jersey-based company is making Franklin, Kentucky their global distribution and packaging hub. The additional jobs they are bringing to Franklin is welcomed news for our area."
Simpson County Judge-Executive Jim Henderson expressed gratitude that the company will remain and grow in Franklin, even under new ownership.
"We are pleased that PuraCap Laboratories, which acquired one of our existing industries about a year ago, is now expanding their operations in Franklin," Judge-Executive Henderson said. "Over the next few years, they will be investing several million dollars into our community. The jobs that they are creating with this expansion is certainly great news for Simpson County."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in February preliminarily approved the company for tax incentives up to $160,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, PuraCap can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
The website for PuraCap Laboratories: PuraCap.com.
A detailed community profile for Simpson County can be viewed at SimpsonCo.
Information on Kentucky's economic development efforts and programs is available at ThinkKentucky.com.
This story was posted on 2017-03-28 04:35:40
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