Printer Friendly

GOV. CASEY JOINS IN BREAKING GROUND FOR $50 MILLION JOINT VENTURE BETWEEN MERCK AND AB ASTRA

 GOV. CASEY JOINS IN BREAKING GROUND FOR $50 MILLION
 JOINT VENTURE BETWEEN MERCK AND AB ASTRA
 WAYNE, Pa., April 30 /PRNewswire/ -- Gov. Robert P. Casey today helped break ground for a $50 million pharmaceutical facility in Tredyffrin Township, Chester County, that is expected to employ more than 300 workers by 1996.
 The new office building will serve as headquarters for a joint venture between Merck & Co. Inc. (NYSE: MRK), a worldwide health products company, and AB Astra, a Swedish-based pharmaceutical firm.
 Casey said the project, being assisted by a $4.5 million state Sunny Day loan, "sends the message loud and clear that Pennsylvania's a good place to do business."
 The governor noted that Merck ranked first on Fortune magazine's recent list of America's most admired corporations. The two companies that ranked second and third, Rubbermaid and Wal-Mart, also have announced plans to build new facilities in Pennsylvania, creating another 700 jobs.
 "Three of America's most admired and best managed companies are investing in Pennsylvania," Casey said.
 "While they're totally different companies -- selling different products -- they have this in common: They're staking their futures on Pennsylvania's future. They've learned that Pennsylvania maintains one of the most favorable business climates in the entire country.
 "Even in tough economic times, these best managed companies are investing in our state. And it's not happening by accident. We're making it happen by building one of the most competitive business climates in the country."
 Casey said that Pennsylvania is attracting and retaining business because of wise and aggressive investments in infrastructure improvements, schools, clean water, and jobs.
 And, the governor said, "our world-famous Pennsylvania workforce is second to none."
 Despite the recession, the Commonwealth remains fiscally sound, Casey said, adding: "Our Wall Street credit rating is solid, and it's going to stay that way.
 "Pennsylvania offers business assistance and advanced technology support that simply can't be beat.
 "But in the business of recruiting business, there's no time to rest on your laurels. Competition is tough, and it's always there.
 "Attracting new business to Pennsylvania isn't a sometimes thing. We've got to work at it every day, every week, every month, and every year."
 Casey was joined in today's groundbreaking ceremony by Dr. P. Roy Vagelos, chairman, president and chief executive officer of Merck & Co. Inc.; Jerry T. Jackson, Merck's senior vice president; and Wayne Yetter, general manager of Astra/Merck.
 Astra/Merck is building its new headquarters facility in the Chesterbrook Corporate Center. The facility will employ 135 workers when it opens next year and more than 300 workers by 1996.
 Encompassing up to 170,000 square feet of floor space, the building will house administrative offices for sales and marketing, information technology, financing services, legal services, human resources, and clinical research.
 Under the terms of a 1982 agreement between Merck and Astra, three Astra products currently are marketed by Merck in the United States, while another is in clinical trials. Merck and Astra now will jointly operate the new business venture.
 Casey signed the Sunny Day Fund loan legislation last month, authorizing $11 million in state financing, including the $4.5 million for the Astra/Merck project.
 The two other Sunny Day projects are Rubbermaid's Little Tikes Division, which is building a toy manufacturing plant in Cumberland County near Shippensburg; and Plastek Industries, an Erie-based corporation that designs, produces and assembles precision plastic injection molding for the electronic, pharmaceutical and personal care products industries.
 Total private investment by Merck, Rubbermaid and Plastek is nearly $90 million.
 In addition, Wal-Mart earlier this month announced plans for a $30 million distribution center near Clearfield that will create about 500 jobs. Although no Sunny Day Funds are being provided, the state is providing approximately $5.5 million in economic development assistance for the project through the Department of Commerce and the Department of Transportation.
 The Sunny Day Fund helps the Commonwealth attract large manufacturing, industrial, and research and development businesses. To qualify for a loan, a project must cost at least $10 million and create at least 100 new jobs. Interest rates vary, depending on the local unemployment rate.
 In the past five years, the state has provided nearly $108 million for 20 Sunny Day projects that have created or retained more than 8,500 jobs.
 Including the Sunny Day Fund, the Casey Administration has invested $1.2 billion in business development through the Department of Commerce. These projects have created or retained nearly 170,000 jobs.
 /delval/
 -0- 4/30/92
 /CONTACT: Ron Jury of the Department of Commerce, 717-783-1132/
 (MRK) CO: Merck & Co. Inc.; AB Astra ST: Pennsylvania IN: MTC SU:


MK -- PH045 -- 5075 04/30/92 15:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1992
Words:775
Previous Article:HEALTH EQUITY PROPERTIES ANNOUNCES RESULTS OF 1992 ANNUAL MEETING OF SHAREHOLDERS
Next Article:FISCHER & PORTER REPORTS EARNINGS FOR THE FIRST QUARTER OF 1992


Related Articles
ASTRA/MERCK AFFAIRS SIGNS LEASE FOR PENNSYLVANIA HEADQUARTERS SITE; 'SUNNY DAY' LOAN FOR PROJECT APPROVED BY LEGISLATURE
MERCK FILES NDA FOR SCHIZOPHRENIA MEDICATION
FDA Clears Astra Merck's Lexxel(TM) for Hypertension
Astra Merck Announces Management Additions
Emmens Elected President and CEO of Astra Merck Inc.
Astra Merck's Atacand(R) Receives FDA Approval for Hypertension
Astra and Merck Restructure Astra Merck Relationship
Astra Completes Agreement with Merck to Restructure Relationship - Astra Pharmaceuticals Begins Operations -
Astra Pharmaceuticals, L.P. and Astra AB File a Lawsuit Against KUDCO And Schwarz Pharma.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters