| Title: GlaxoSmithKline to Expand Operations in NC |
Date: 8/16/2005
|
GlaxoSmithKline to Expand Operations in NC
GlaxoSmithKline (www.gsk.com), a leader in the research and production of new pharmaceuticals with a wide range of prescription medicines, vaccines and consumer health care products, is expanding its manufacturing facility in Zebulon, creating approximately 200 new jobs over the next four years and
investing about $92 million in the area. The announcement was made possible in part by a $1.39 million Job Development Investment Grant (JDIG) and a $500,000 grant from the One North Carolina Fund. GSK will remodel its Zebulon facilities to accommodate new production.
With this agreement, a 12-year Job Development Investment Grant will be established, during which the N.C. Department of Commerce hopes to generate a gross state product value of $3.98 billion, produce positive cumulative net state revenue impact of $171 million, and contribute money to improve rural
North Carolina. For each year the company meets required performance targets, the state will provide a grant equivalent to 75 percent of the state personal income withholding taxes derived from the creation of new jobs. If the company creates the jobs called for under the agreement, GSK could receive a maximum benefit of $1.39 million over the 12-year life of the grant. |
