SAN JUAN, Puerto Rico (AP) — Bristol-Myers Squibb Co. is investing nearly $80 million to expand its operations in the U.S. territory of Puerto Rico amid an economic crisis.
Gov. Alejandro Garcia Padilla said Tuesday that the New York-based company will establish new production technologies at its plant in the north coastal town of Manati. He said the expansion will create more than 120 jobs in the next three years. The company currently employs 400 people at that plant.
Puerto Rico has been struggling to attract investment and it remains mired in a decade-long economic slump.
The island once was a center for pharmaceutical and medical equipment manufacturing, but the sector has declined greatly, in part because Congress phased out tax cuts.