Lotte to invest $77M, add jobs to expand Bristol pharma plant in East Syracuse
Tuesday, July 5, 2022
Source: Syracuse.com
Syracuse, N.Y. -- A top executive at Lotte Global says the South Korean conglomerate will create dozens of new jobs and invest tens of millions of dollars to expand drug manufacturing at the Bristol Myers Squibb pharmaceutical plant it is buying in East Syracuse.
Richard Lee, CEO of Lotte Biologics, told reporters at the Bio International Convention in San Diego that the company will add about 70 jobs to the plant’s workforce of 450 people and invest $77 million to expand its manufacturing capacity once it completes the purchase later this year, according to South Korean news site Chosun Biz.
Lotte announced in May that it has an agreement to purchase the East Syracuse plant from Bristol for $160 million and make it the North American headquarters for its new biologics business. It expects to close the deal in October.