Chinese pharmaceutical ingredients maker to invest $22.5M in Va. operation, creating 376 jobs

IndustriesAssociated Press

A Chinese pharmaceutical ingredients maker is planning to invest $22.5 million to establish operations in Virginia, creating 376 jobs.

Gov. Terry McAuliffe said Thursday that UniTao Pharmaceuticals LLC has purchased the Boehringer Ingelheim plant that's slated to close by the end of the year.

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Officials say the project is a result of the governor's Asia trade mission last week. UniTao is a subsidiary of Shanghai-based Tenry Pharmaceutical Co. Ltd.

Virginia successfully competed against California and China for the project. McAuliffe approved a $1 million grant from the Governor's Opportunity Fund for the project.

The company also will be eligible to receive a major business facility job tax credit and sales and use tax exemptions on manufacturing equipment.