News of the acquisition, detailed in a press statement by Virginian Governor Bob McDonnell, is a reprive for the facility and its 500-strong workforce, which was earmarked for closure in 2010 as part of Pfizer’s effort to reduce manufacturing capacity.
Fareva CEO Bernard Fraisse said: “We have been looking for the right opportunity to expand our manufacturing footprint into North America and establish our pharmaceutical and cosmetics businesses in the US.”
Fareva, which employs 5,500 people at 28 facilities across Europe, also said it plans to invest $43m in the site and create around 90 new manufacturing jobs.