Novartis to add 100 jobs, facilities in Holly Springs
Posted December 22, 2010 11:59 a.m. EST
Updated December 22, 2010 1:35 p.m. EST
Novartis (NYSE: NVS) will expand its $1 billion vaccine production facility in Holly Springs, adding 100 jobs and new facilities, officials announced Wednesday.
The project will cost $36 million and include a development lab as well as a pilot production plant.
Novartis will receive about $3.7 million in state tax incentives if it meets job growth and other requirements.
Among the incentives is a $1 million One North Carolina Fund grant, which requires a local match.
Novartis also received a Job Development Investment Grant worth up to $2.7 million. The so-called JDIG is a rebate of employee state withholding taxes.
The company, which is based in Switzerland, said the new jobs will pay an average salary of $106,200 per year plus benefits.
“Novartis Vaccines and Diagnostics is excited to start construction of our new viral lab and pilot plant that will enable us to advance our viral vaccines pipeline and develop new technologies so we can get life-saving vaccines to patients quicker," Matthew Stober, the top official for technical operations of the Novartis Vaccines and Diagnostics business unit, said in a statement.
"We chose the Holly Springs location for this important project because of the great talent pool to recruit from, proximity to area universities and the relationship we have with our neighbors in the state, county and town of Holly Springs," he added.