Detroit-based Caraco Pharmaceutical Laboratories, Ltd. (Amex: CPD) develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers. The company currently employs approximately 455 employees at facilities in southeast Michigan.

 

On August 14, 2007 Govenor Jennifer Granholm announced that Caraco Pharmaceutical Laboratories Ltd. will invest approximately $14.5 million in a 140,000-square-foot expansion of its manufacturing operations in Detroit. The project will create 1,648 new jobs, including 598 directly by the company. A partnership between the Detroit Economic Growth Corporation and the Michigan Economic Development Corporation helped convince the company to expand in Michigan over competing sites in North Carolina and South Carolina.

 

"Caraco's decision to invest and create new jobs in Detroit solidifies our reputation as a great place for high-tech companies to do business," Granholm said.  "For more than 20 years, this Michigan-born company has contributed to the growth of our life sciences industry and has been a source of good-paying jobs. This expansion will allow the company to continue to do great things in Detroit and in Michigan."

 

Granholm praised the close partnership between the DEGC and MEDC that resulted in today's announcement, including financial assistance to the company and collaboration on a worker recruitment and training program.

 

"The clear message conveyed by Caraco's decision is that Detroit is an attractive location for innovative companies to grow," DEGC President George Jackson said.  "The company's new investment will have a major economic impact on the city, and also supports our objective of bringing more young professionals to the community to work and live."

 

"We appreciate the state of Michigan and the city of Detroit working together in order to make it possible for us to expand here in this great state," Caraco CEO Daniel H. Movens said.  "We look forward to an on-going collaborative relationship with both the city and state to support our continued growth and success.  This expansion should allow us to continue as a high-growth company in the generic pharmaceutical sector, which in turn should allow us to increase our research and development and improve our manufacturing capacity to enhance our capability to distribute and sell more quality, affordable general pharmaceutical products."