New Life Sciences Center of Excellence expected to have a $10-million increase in tax savings annually.
Pall plans to expand its life sciences manufacturing operations in Fajardo, Puerto Rico. The establishment of a Life Sciences Center of Excellence will enhance Pall’s capacity on the island and its ability to meet the increasing demand for technologies. The company expects to invest around $50 million in facilities, machinery, and equipment and add more than 250 full-time jobs in Puerto Rico by 2010.
The expansion in Puerto Rico is another step in Pall’s standardization and consolidation of its global manufacturing footprint, according to Eric Krasnoff, chairman and CEO. The company anticipates that in three year’s Puerto Rico’s competitive tax rate combined with its facilities optimization program will result in an incremental after tax benefit of more than $10 million annually.
“Puerto Rico’s attractive business climate and strong commitment to developing biopharmaceutical manufacturing capability are key factors in bringing numerous drug and biotechnology companies to the island. Expanding our operations in Puerto Rico is an important part of our strategic approach of aligning with customers worldwide and increasing production in lower tax rate jurisdictions,” adds Krasnoff.