Published: Sept 23, 2014 4:31 p.m. ET
Newly-leased space in Glasgow will nearly double size of current operations
BRIDGEWATER, N.J., Sep 23, 2014 (BUSINESS WIRE) — Amneal Pharmaceuticals LLC (www.amneal.com), one of the largest generic drug suppliers in the U.S., has signed a lease for a second location in Glasgow, Kentucky that will nearly double the size of its national sales and distribution center.
Tony Hodges, Vice President for Global Logistics, discussed Amneal’s latest growth plans in the state at a Glasgow-Barren County Chamber of Commerce breakfast on September 12. The company was honored as the 2014 Industry of the Year, chosen by Chamber members, during the event.
Amneal acquired the lease at 40 Aberdeen Drive in the former Carhartt Building from Aphena Pharma Solutions, a medication packaging firm and Amneal supplier, which announced it will cease operations in Glasgow at the end of the month. The building will be refurbished to create a 120,000 sq. ft. warehouse and 6,000 sq. ft. of offices to support logistics. When the expansion is complete, the company’s Glasgow operations will occupy a total of 221,000 sq. ft.
Since 2007, Amneal’s Kentucky sales and distribution capabilities have grown dramatically (see Figure 1 here). Upon acquiring Akyma Pharmaceuticals that year, the company moved into its 3,000 sq. ft. offices at 104 Hippocrates Way and 30,000 sq. ft. warehouse in nearby Fountain Run. In 2010 Amneal consolidated distribution logistics and sales operations in-state rather than relocating these critical functions near its headquarters and manufacturing plants in metro New York by leasing a much-larger 115,000 sq. ft. facility at 118 Beaver Trail.
Amneal has invested over $6.6 million in Glasgow and created jobs for 80 Kentuckians to date, exceeding this year’s goal. Figure 2 (view here) shows actual employment growth from 2008-2014. Once the Aberdeen Drive expansion is complete, the generic maker will employ over 90 local residents.
For its earlier project, Amneal secured multi-year tax incentives through the Kentucky Economic Development Finance Authority (KEDFA) and the Kentucky Business Investment (KBI) program. The company also obtained an economic development loan from the Glasgow/Barren County Industrial Development Economic Authority, forgivable if agreed-upon headcount growth commitments are met. The KEDFA/KBI grant and Glasgow/Barren County loan were key factors in Amneal’s decision to remain and expand in Kentucky.
Although the financial incentives Amneal has received over the past several years are important, the company is also reaffirming its commitment to Glasgow due to its people.
“From our first opportunity to get to know Akyma’s employees prior to acquiring that business, we have been impressed with the work ethic, integrity, common sense, commitment to success and positive attitude of Kentucky’s citizens,” said Jim Luce, Amneal’s Executive Vice President-Sales & Marketing, who oversees the entire Kentucky operation. “The economic incentives definitely played a critical role in our decision to continue growing in Kentucky, though incentives and nice buildings aren’t worth anything without superb people. And finding all three in Glasgow, it was easy to commit our long term future here.”
About Amneal Pharmaceuticals LLC
Amneal Pharmaceuticals LLC is a U.S.-based manufacturer of generic pharmaceuticals. Known as “Generic’s New Generation,” Amneal prides itself on its unwavering commitment to quality, meaningful business relationships, and innovative approach to maximizing value for all stakeholders. Extensive investment in R&D, an intelligently aggressive expansion strategy, and focus on vertical integration are key contributors to the company’s impressive growth over the past several years. Amneal is headquartered in Bridgewater, New Jersey with manufacturing, R&D, packaging, sales and distribution facilities throughout the U.S., as well as abroad. For more information, visit www.amneal.com.
SOURCE: Amneal Pharmaceuticals LLC
Amneal Pharmaceuticals LLC
Executive Vice President, Sales & Marketing
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