Croda to build new manufacturing facility in Pennsylvania
By Iain Gilbert
Date: Tuesday 28 Jun 2022
(Sharecast News) - Chemicals company Croda has entered into a cooperative agreement with the US government in which the latter will provide up to $75.0m as part of an effort to expand the company's manufacturing capacity of ingredients for lipid systems used in novel therapeutic drugs.
Croda, which will also invest up to $58.0m into the project, said on Tuesday that it will look to establish a new lipid facility as part of a new multi-purpose site in Pennsylvania, with construction expected to start later in 2022 and new capacity set to be reached in 2025.
Daniele Piergentili, president of Croda Life Sciences, said: "We are grateful to the US government for its support of Croda. The delivery technology based on lipid systems offers significant potential for the safe and efficient delivery of next-generation vaccines and therapeutic drugs.
"As a result of this investment, Croda will be able to expand its capabilities to develop and manufacture ingredients in support of this important technology. This will help ensure that the US is well prepared for future health emergencies and equipped to offer advanced treatments for some of the most prevalent illnesses in the world today."
Reporting by Iain Gilbert at Sharecast.com
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