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Petersburg attracts German biotech investment.

Pharmaceutical giant Boehringer Ingelheim announced that it will expand the manufacturing capacity at its facility in Petersburg, Va.

The completion of all phases of the expansion, which is tied to product milestones, could reach $260 million by 2011 with an overall increase in employment of 165.

Governor Mark Warner approved a $1.75 million grant from the Governor's Opportunity Fund to assist the city with the project

Boehringer Ingelheim qualifies to receive $3 million performance-based grant from the Virginia Investment Partnership.

Virginia is home to 135 German-affiliated companies, employing more than 16,000 people. Cumulative German investment in Virginia is more than $3.5 billion.

Germany is the largest single foreign investor in the Commonwealth and the third largest foreign employer.
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Title Annotation:Global Connections: news bites for local economic decision makers.
Author:Brookes, James; Moses, Catherine
Publication:Nation's Cities Weekly
Article Type:Brief Article
Geographic Code:1U5VA
Date:Aug 25, 2003
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