Lehigh Valley Technologies Inc. of Allentown has received a $2.25 million Pennsylvania Industrial Development Authority loan to help with a $5 million expansion that’s expected to create 52 new full-time jobs. The company has 36 full-time employees.
The pharmaceutical manufacturer is expanding and opening a second location in the city.
The company is buying a 39,000-square-foot building that it has been renting at 700 N. Fenwick St.
Purchasing the building will allow the company to expand operations, increase production and expand its product line.
The Lehigh Valley Economic Development Corp. assisted Lehigh Valley Technologies in obtaining the low-interest loan.
“Manufacturing companies in the range of 50 to 100 employees are a crucial element of the Lehigh Valley economy, and we’re very pleased the LVEDC has been able to assist businesses like these,” said Don Cunningham, LVEDC president and CEO.
According to the LVEDC, Lehigh Valley Technologies plans to formally obtain the building and begin renovations within the next few months.
The project will take about six months, and the company hopes to be fully operational in the new facility by early 2016.
Presently, the facility is used only for storage of unused equipment, the company said.
After the renovation, it will provide additional warehousing, packaging, manufacturing and office space.
Lehigh Valley Technologies works in the development and manufacturing of generic and branded pharmaceutical products, including oxycodone hydrochloride (single-ingredient, immediate-release) in oral solution and capsule dosage forms.
The company’s headquarters will remain on North 12th Street in Allentown.
According to the LVEDC, the project was one of seven approved for a total of $5.7 million in low-interest loans made from the Pennsylvania Industrial Development Authority last week.