RICHMOND, Va. (AP) — Chesapeake Corp. said Monday it will expand and relocate its pharmaceutical packaging operations in Long Island, N.Y.
The specialty packaging company will double its manufacturing and office space when it moves from Lake Success, N.Y., to nearby Hicksville. Those operations serve all of Chesapeake's U.S. customers.
Chesapeake will install a new press and large-format folders at the new location before moving its existing equipment. The company is receiving a $175,000 grant from the state as part of a job creation plan for Hicksville.
Chesapeake plans to complete the move by the end of March and expects all 140 of its current employees in the area to work at the new facility.
Chesapeake shares fell 20 cents, or 4.7 percent, to $4.07 in morning trading.