Draxis Health breaks ground on facility |
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Tue, 27 Nov 2007 16:20
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NEW YORK (AP) - Draxis Health Inc., maker of diagnostic and therapeutic products, said Tuesday it broke ground for a new facility in the Montreal area.The company already has 500 employees at a Montreal facility. The new facility will be 77,000 square feet and will serve as a secondary packaging and warehousing facility.The new facility is part of the company's obligation under a contract to produce a broad portfolio of multiple nonsterile specialty semisolid products for Johnson & Johnson Consumer Cos. Inc. The new facility is expected to be completed by mid-2008, the company said.It is being custom designed and built by Montreal-based developer Broccolini Construction Inc.Draxis plans to have about 50 employees at the second facility, who will be among the 80 to 90 employees it plans to hire as part of the Johnson & Johnson contract. That contract is expected to generate at least $120 million in revenue during the first five years of production, the company said.Shares of Montreal-based Draxis rose 3 cents to $4.05.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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