Drug maker Catalent has committed to its earlier proposal to invest $350 million in its Bloomington facility and create 1,000 new jobs.
“These investments will enable us to expand our flagship Bloomington facility and extend our leadership as one of the largest and most comprehensive global centers for integrated manufacturing capabilities.” Mike Riley, president of biotherapeutics, said in a news release Thursday.
The new jobs, which Catalent said it would create “in the coming years” will pay an average of $32 per hour, or nearly $67,000 per year.
The Somerset, New Jersey-based company proposed the expansion in February, saying it expects its annual sales to nearly double to $7.5 billion through 2026, in part because of high demand for its biologics, including COVID-19 vaccines. The proposed expansion was the reason the company sought a tax break of about $43 million, spread over 20 years. The Bloomington City Council approved the abatement in early March.
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The Bloomington campus is by far the largest among Catalent’s North American locations. The company added 1,000 jobs in Bloomington last year and raised its minimum wage twice, including to $19 in November. It bought additional property next to its Bloomington campus last year.
Bloomington Mayor John Hamilton said in a news release Thursday, “We sincerely appreciate the chance to work with an employer of this caliber who is choosing to make the largest investment in technology, equipment, and new high-wage jobs in our recent history.”
Catalent will announce quarterly earnings on May 3. In its previous quarter, the company said it generated revenue of $1.2 billion, up 35% from a year earlier. Quarterly profit, at $245 million, was up 20%.
Boris Ladwig is the city government reporter for The Herald-Times. Contact him at firstname.lastname@example.org.
This article originally appeared on The Herald-Times: Catalent to invest $350 million in Bloomington, create 1,000 new jobs