NORWICH – One of the county’s largest employers is looking to invest nearly $10 million in renovations and new technology as part of an initiative expected to create jobs and double revenues over the next four and a half years. They are seeking the assistance of the Chenango County Industrial Development Agency to make it possible.
“Adding new technologies, and broadening our services, are both key steps in ensuring our long-term viability here at Norwich Pharmaceuticals, and increases the strategic value of the Norwich site,” said Chris Calhoun, president of Norwich Pharmaceuticals.
Norwich Pharmaceuticals, which traces its roots to Norwich Pharmacol, has been active in the pharmaceutical industry for more than a century. Based in North Norwich, the company is an outsourcing manufacturer of pharmaceutical products. They also provide packaging and distribution services, conducts clinical trials and helps their clients navigate the regulatory process.
Since the company was purchased by AFI Partners, a New York City-based private equity firm, in 2007, Norwich Pharmaceuticals has made significant investments in growing both the volume of the business and diversifying product capabilities and services. This latest initiative is part of their five year growth plan, unveiled in 2008.