Another $12 million state loan approved for Cody businessOct 5, 2017 From wire reports
CHEYENNE (AP) -- The State Loan and Investment Board on Thursday approved loaning an additional $12 million to a pharmaceutical manufacturer that is expanding its operations in northern Wyoming.
The board -- Gov. Matt Mead and the four other statewide elected officials -- unanimously approved the new loan for Cody Laboratories, which is a subsidiary of the Philadelphia-based Lannett Co.
The board last year approved an $11 million loan to the company for the same expansion. The additional loan approved Thursday will bring the total to $23 million.
The interest rate and other details of the Cody Labs loans are still being worked out, officials said.
Cody Labs President Bernhard Opitz told the board that the loans will help the company to expand production and research, allowing it to sell its products worldwide.
The expansion project will cost $50.5 million and will allow the company to more than double its estimated production capacity.
"We are pleased with the help by the state to make our project a reality," Opitz said after the meeting. "As we start operating this additional facility our headcount will grow by 57 people."
The company, which was established in Cody in 2000, currently employs 135 workers, he said.
Money for the loans comes from $50 million that the state Legislature has set aside in recent years to help fund large economic development initiatives around the state.