Global pharmaceutical company relocating jobs to Warren TownshipAll Articles
Mallinckrodt Enterprises, a subsidiary of Mallinckrodt Pharmaceuticals, will invest $26.41m to relocate its operations to a facility in Warren Township, New Jersey. The company will create 337 new jobs and retain 143 employees.
Mallinckrodt Enterprises has been awarded $10.21m in tax credits over a 10-year period through the New Jersey Grow NJ Program. The performance-based incentive is contingent on the company meeting capital investment and job creation targets. The company is also considering relocating to King of Prussia, Pennsylvania.
Mallinckrodt manufactures and distributes products used in diagnostic procedures and in the treatment of pain and related conditions. This includes the development, manufacture and distribution of specialty pharmaceuticals, active pharmaceutical ingredients, contrast products and radiopharmaceuticals. The company employs 5500 at 47 locations around the world. Net sales were $2 billion in 2011.
The Grow NJ Assistance encourages job capital investment, job growth and existing job retention by providing businesses with a $5,000 per job annual tax credit (with a potential bonus tax credit of $3,000 per job creation for certain 'desirable' industries) over a 10-year period. To qualify, a business must make a minimum capital investment of $20m at a 'qualified business facility' and employ at...
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