Strides Pharma takes over former Chestnut Ridge plant in deal with state
A planned expansion of manufacturing at Strides Pharma will keep local workers employed and create more jobs.
Strides Pharma is taking over the former Endo Pharmaceutical plant in Chestnut Ridge and retaining more than 215 of its employees, with plans to add another 40 positions.
In exchange, the state is providing the company up to $10 million in Excelsior Jobs Tax credits.
"Losing this facility would have been devastating. Hundreds of jobs would have been lost, many whom live in Rockland County and the surrounding area,” says Assemblyman Mike Lawler. “So, this move was a critical investment on behalf of the people of New York to keep Strides Pharma here."
Ramapo Town Supervisor Michael Specht adds, "It’s wonderful in terms of economic development in the town, employment in the town, taxes in the town.”
Strides also plans on investing $42 million into its manufacturing in Chestnut Ridge over the next few years.