KVK-Tech, a specialty pharmaceutical company based in Pennsylvania, has agreed to buy Lockheed-Martin's Newtown, Pennsylvania facility. Under the agreement, KVK will acquire the 460,000 sq. ft. facility in June, 2015. Lockheed Martin will continue to occupy the property under an agreement until the end of the year to facilitate its wind-down of operations. KVK will take possession and begin its fit-out in January 2016.

Anthony Tabasso, KVK Tech's President and CEO, said in a statement: “We are excited to add the Lockheed Facility to provide for the next stage of KVK's growth. In doing so, KVK is renewing its commitment to the Newtown business community. We expect to create quality jobs here over the next several years as we continue to manufacture high-quality pharmaceuticals exclusively in the USA. This acquisition will strengthen our organization and help us ensure that we continue to deliver world class products to our customers at a competitive price, and with unmatched reliability.”

Source: KVK-Tech