Petersburg attracts German biotech investment.
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|
|Date:||Aug 25, 2003|
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