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Contract Pharmacal receives $1.05M capital grant
Empire State Development announced Thursday that it approved a $1.05 million capital grant to Hauppauge-based Contract Pharmacal Corporation, a company that develops and manufactures prescription and over-the-counter drugs in Hauppauge.
The pharmaceutical company had originally considered moving its production facilities to Florida and agreed to stay after the grant assistance, according to an Empire State Development news release. Contract's plan to stay on Long Island will keep 457 jobs locally and create 168 new ones.
The grant money will go toward new equipment for the company.
This isn't the first time that Contract Pharmacal has received a helping hand from an economic development agency. Last year, the Suffolk Industrial Development Agency approved $2.46 million in tax breaks over 15 years for the drug maker.