PITTSYLVANIA COUNTY, Va. - UPDATE
A pharmaceutical company will invest $5.8 million, creating dozens of new jobs in Southside.
Panaceutics, Inc., a company based in North Carolina, is expanding and will create 70 jobs in Pittsylvania County.
Gov. Ralph Northam made the announcement Tuesday at the Institute for Advanced Learning and Research.
"The project will create 70 new, 21st century jobs. It is a strong testament to the robust talent pipeline, higher education system and competitive operating costs of southern Virginia," Northam said.
Panaceutics' CEO, Mark Montgomery, said that this area is an "untapped market" and the move will "open doors."
"This is an ideal region for us, with the emphasis on building a skilled workforce to support our technology," Montgomery said. "as the governor said, we plan to create 70 jobs that will add millions to the revenue of the Dan River region."
This will be a high-tech manufacturing facility for research and development. It will be located at Cane Creek Centre Industrial Park.
It's not clear yet when the company will begin the hiring process.
Tuesday's announcement was Northam's first economic development announcement that he has made since taking office.
Gov. Ralph Northam is expected to make a major economic development announcement at the IALR in Danville.
The announcement is scheduled to start at 11 a.m.
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