Cabinet for Economic Development
Governor Beshear Announces Amneal Pharmaceuticals to Expand in Glasgow
Pharmaceutical developer, manufacturer and distributor to more than double employment levels, invest more than $6.6 million
FRANKFORT, Ky. (May 11, 2010) – Gov. Steve Beshear and Cabinet for Economic Development Secretary Larry Hayes today announced Amneal Pharmaceuticals LLC will expand its Glasgow operation. The pharmaceutical company, which currently employs 35 Kentuckians, will create 48 new jobs and invest more than $6.6 million as a result of the project.
“Kentucky is proud to partner with Amneal Pharmaceuticals on this significant expansion in Glasgow, one that will create nearly 50 new jobs and entail a capital investment of more than $6.6 million,” said Gov. Beshear. “The success of our existing industries is a vital part of our economic recovery and Amneal’s growth will have a tremendous impact, helping to move our economy forward.”
Established in 2002, Amneal Pharmaceuticals develops, manufactures and distributes generic pharmaceuticals. Amneal is currently the 10th largest U.S. generic supplier in number of prescriptions dispensed, according to March 2010 IMS Health data. To better serve its customers throughout the United States, the company plans to consolidate its distribution logistics and sales operations into a significantly larger 115,000 square-foot facility in Glasgow. This expanded operation will combine distribution from the Long Island, N.Y. facilities and the current operation in Fountain Run, Ky., enabling the company’s dramatic growth to continue.
“Amneal carefully evaluated relocating our combined sales operations and distribution center near our headquarters and manufacturing plants in metro New York or continuing operations in Glasgow,” said Jim Luce, Amneal executive vice president, sales and marketing. “In addition to compelling economic incentives, we recognized that the superb quality and dedication of Glasgow’s workforce is a key factor in Amneal’s reputation for service excellence, so the decision to stay and expand operations in Kentucky was an easy one.”
The Kentucky Economic Development Finance Authority preliminarily approved Amneal Pharmaceuticals for tax incentives up to $2.5 million through the Kentucky Business Investment program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments.
“Our economic development efforts are focused on retaining and growing jobs,” said Glasgow Mayor Darrell Pickett. “The expansion of Amneal Pharmaceuticals, a valued member of our existing industrial base, is important to improving our local economy. We appreciate Amneal’s confidence in investing their future in our community. We also want to thank Gov. Beshear and the Cabinet for Economic Development for their hard work and unwavering support in bringing Amneal’s facility project to successful completion.”
“Barren County is very fortunate to have Amneal Pharmaceuticals as a part of our industrial community, and we fully support their proposed expansion,” added Barren County Judge Executive Davie D. Greer.
“We are very excited and appreciative that Amneal Pharmaceuticals has decided to make such a significant investment within our community,” said Representative Johnny Bell of Glasgow. “The creation of nearly 50 new jobs will definitely have a positive impact on our local economy. Such an announcement demonstrates the strength and the positive business climate in our community. We also want to thank Gov. Beshear and the Cabinet for Economic Development for their hard work and support in making Amneal’s expansion possible.”
A detailed community profile for Glasgow (Barren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=062. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Information on Amneal Pharmaceuticals is available at www.amneal.com