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April 15, 2021

Sharp to add manufacturing capacity to Pennsylvania facilities

US-based pharmaceutical packaging manufacturer Sharp has revealed plans to increase the manufacturing capacity of three of its facilities in Pennsylvania.

US-based pharmaceutical packaging manufacturer Sharp has revealed plans to increase the manufacturing capacity of three of its facilities in Pennsylvania.

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The $42.9m project will expand operations at the company’s Allentown and Conshohocken plants as well as its recently acquired plant in Macungie Borough, Lehigh County.

Certain parts of the Allentown facility will be upgraded and ‘partially repurposed’, while the machinery and equipment at the Conshohocken site will be upgraded and added to.

The building of the 170,000ft² Macungie Borough site will be improved, and machinery and equipment will be bought for the facility.

The project will generate 335 full-time jobs over the next three years and retain 1,092 current positions.

Sharp president Kevin Orfan said: “Sharp has a long history and a proven commitment to the Lehigh Valley area and to our site in Conshohocken.

“As this investment demonstrates, we will continue to offer career opportunities and skills training within our local communities as our employees deliver vital packaging services for our pharmaceutical clients.”

Pennsylvania Governor Tom Wolf said: “My administration is thrilled to support Sharp, whose history in the Lehigh Valley is established and dates back decades, as it continues to expand and grow its teams and capabilities in [Pennsylvania].

“This expansion is a testament to the strength of Pennsylvania’s manufacturing sector and will bring new jobs and opportunities, at a critical time in recovering from the pandemic, to all three facilities and their communities.”

The project is coordinated by the Governor’s Action Team, an experienced group of economic development professionals.

Sharp received a funding proposal for $140,400 from the US Department of Community and Economic Development (DCED) to help train workers for the project. It also received $1.25m Pennsylvania First grant and $670,000 in Job Creation Tax Credits (JCTC) for creating new jobs.

In 2019, the company invested $21m to expand the Allentown and Conshohocken facilities’ capacities.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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