Andrx, a manufacturer of generic drugs, disclosed in its quarterly earnings report earlier this week that it won’t open a facility in Morrisville after all.
The earnings reported included the following:
“Though (capital spending) represents a $20 million increase compared to earlier capital expenditure estimates for 2004, the revised plan calls for the cessation of construction in North Carolina and should result in significantly less capital expenditures and operating expenses during the next three years, and allow Andrx to continue to focus on improving its manufacturing and quality operations in Florida.”
Andrx had planned to revamp a Bristol-Myers-Squibb facility it purchased in 2002 for $28 million and produce 400 new jobs in the Triangle. State and local tax incentives of more than $5 million had been offered. Andrx said it would take a $14.5 million charge for the plant.