South Bend pharmaceutical company plans expansion
SOUTH BEND, Ind. (AP) - Independently owned pharmaceutical company Spectron is planning to build a new $2.7 million facility just south of downtown South Bend and add 39 new jobs.
The South Bend Tribune (http://bit.ly/1M4W3oO ) reports that the medical radiopharmaceuticals manufacturer is seeking a 5-year, $109,000 tax abatement on the project to assist with the purchase of $2.7 million in new equipment, including a particle accelerator and support equipment.
According to Spectron CEO Greg Hiatt, the new 11,000-square-foot facility, dubbed Catalyst Two, will be used to manufacture technetium 99, a scarce radioactive isotope used in nuclear medicine.
"It will be a clean-room environment, everyone will be gowned," Hiatt said of the facility, which could expand to more than 16,000 square feet in the future.
Catalyst Two is one of two multi-tenant buildings now under development at Ignition Park. It is part of a state-certified technology park that includes Innovation Park at Notre Dame.
The $4-plus million project is expected to create 39 new full-time jobs over five years. Eight existing jobs.
The Common Council granted preliminary approval of the tax abatement on Monday. It will consider final approval later this month.
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Information from: South Bend Tribune, http://www.southbendtribune.com