China’s UniTao Agrees to Buy BI’s Virginia Manufacturing PlantBy
Governor Terry McAuliffe of Virginia has announced that UniTao Pharmaceuticals LLC has purchased the Boehringer Ingelheim plant in the City of Petersburg, Virginia and will invest $22.5 million to establish operations. UniTao is a subsidiary of Shanghai-based Tenry Pharmaceutical Co., Ltd. The project is a result of the Governor's meeting with company officials in Shanghai, China during a recent Asia Marketing Mission.
Boehringer Ingelheim announced its plant closing in August of 2013, affecting 240 total employees by the end of this year. Simultaneously, UniTao was seeking an existing manufacturing facility in the US. UniTao’s parent company, Tenry Pharmaceutical, was founded in 2005 and is engaged in R&D, manufacturing, and sales of pharmaceuticals, APIs, dietary supplements, and food additives. The company currently has 500 employees and five subsidiary operations: UniTao Pharmaceuticals, LLC; Shanghai Tenry Pharmaceutical Co., Ltd.; Shanghai Qingping Pharmaceutical Co., Ltd.; Hainan Tenry Pharmaceutical Co., Ltd.; and Shanghai Tenry Bio-Medical Technology Co., Ltd.
The Virginia Economic Development Partnership worked with the City of Petersburg to secure the project for Virginia. Governor McAuliffe approved a $1 million grant from the Governor's Opportunity Fund to assist Petersburg with the project. Funding and services to support the company's employee training activities will be provided through the Virginia Jobs Investment Program. The company will also be eligible to receive a Major Business Facility Job Tax Credit and sales and use tax exemptions on manufacturing equipment.
Source: Governor’s Office of Virginia