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Leading bioscience company, Penn Pharma is launching a major expansion programme which will create 133 jobs and safeguard the future of a further 100 jobs at its Welsh headquarters.
Backed by the Welsh Assembly Government's Single Investment Fund, Penn plans to extend its facilities headquartered in south Wales where the company currently employs nearly 250 people.
Peter George, CEO of Penn Pharma, said, “The backing from the Welsh Assembly Government and Blaenau Gwent Council has been outstanding, and instrumental in Penn's decision to develop its current site and bring the work to Wales. It strengthens our commitment to the local community and as a leading Welsh company we will endeavour to payback the Assembly Governments faith in us by driving sustainable growth and employment.”
Penn has benefited from being part of Welsh Assembly Government’s KB4B initiative for high-growth potential businesses.
Deputy First Minister at the Welsh Assembly Government, Ieuan Wyn Jones, said: “Penn Pharmaceuticals' latest investment demonstrates that-despite the general economic downturn-some key companies in vital sectors are confidently investing in the future and are creating precisely the kind of skilled jobs that the Welsh economy needs.”
Penn, founded thirty years ago and based at Tredegar for the past twenty years, is a highly specialised pharmaceutical company which combines clinical trial and drug development with low volume manufacturing. The company has achieved very strong growth in recent years, with customers from many of the world's leading pharmaceutical companies in the UK, EU and USA.
Penn Pharma has already invested in some additional capacity, including an off-site storage and distribution facility near its headquarters, and in the extension and refurbishment of its laboratories.
To pave the way for future growth, Penn intends to carry out a complete redevelopment of its south Wales base which will increase capacity and improve the efficiency of material flow from production areas to storage space.
Penn will move existing stores to a site at Oakdale to allow the expansion of its clinical trials supplies and manufacturing facilities. Further redevelopment phases will include the extension of existing buildings, the refurbishment of the staff restaurant and the laboratories.
The total cost of building work and of the purchase of new equipment is estimated to be £12.2 million.
Blaenau Gwent Council’s Executive Member for Regeneration, Cllr Don Wilcox said, “Congratulations to Penn Pharma-they are leading the way and showing what can be done in difficult times. Blaenau Gwent Council’s Connect 2 Business campaign is all about talking to local businesses and traders about their concerns and needs during the national economic downturn-and we can help when it comes to recruiting and training local people for skilled work.”