RICHMOND, Va. (AP) — Gov. Bob McDonnell says Pfizer is selling its manufacturing plant in Henrico County to Fareva.
McDonnell announced the deal Tuesday in a news release. He says Fareva plans to acquire and invest $42 million in the facility.
McDonnell says the plant will continue to produce Pfizer consumer products under a manufacturing and supply agreement between the companies.
The plant employs nearly 500 workers who will transfer to Fareva.
Fareva CEO Bernard Fraisse says the company was looking for an opportunity to expand its manufacturing into North American and establish its pharmaceutical and cosmetics businesses in the U.S.
Luxembourg-based Fareva is an international contract manufacturing company. Its business segments are home care and industrial, cosmetics, pharmaceuticals and food. It employs