A Hauppauge pharmaceutical company, with a manufacturing center in Deer Park, now has an edge over international competitors like China, though a cost-saving incentive package approved by the Suffolk County Industrial Development Agency (IDA).
Suffolk County Executive Steve Bellone and the IDA announced an incentive package for pharmaceutical company, LNK International, Inc. The Hauppauge-based company exports in bulk to China and Europe, and houses its domestic manufacturing facility in Deer Park.
Bellone said the move saved more than 1,500 local jobs.
“This is a ‘retain and grow’ package that helps a unique exporter stay in Suffolk and continue to create jobs while exploiting the international market,” said IDA Executive Director Anthony Manetta. According to Manetta, the IDA has backed the company’s expansion with $ 83,566 in property tax incentives, as well as an additional $159,476 in sales tax exemptions.
Bellone and the IDA also announced an incentive package for another Hauppauge-based pharmaceutical, A&Z Pharmaceutical, Inc., in Hauppauge.
A&Z Pharmaceutical, Inc. plans a renovation of existing leased space to be used for manufacturing products for export in bulk to China and European markets. The company, which also plans to relocate its information technology infrastructure to the renovated facility, will invest approximately $3.3 million in the project.
With IDA benefits helping to offset the cost of renovations and new equipment, the company expects to add 25 new jobs and grow its annual payroll by more than $1.6 million during the next two years, according to a press release.
Founded in 1995, A&Z Pharmaceuticals, Inc. has been a manufacturer and distributor of over-the-counter private label pharmaceuticals since its inception. As it grew, the company expanded to the relatively untapped OTC market in China and quickly outgrew its current facilities. The company requested IDA assistance to upgrade its international operations facility to meet international pharmaceutical standards and position the company for growth in the coming years.
“At a time when many American companies are still outsourcing and offshoring, A&Z Pharmaceutical is tapping the international market to create jobs here in Suffolk County. Providing incentives so A&Z can continue to grow and create jobs here is the smart thing to do," Bellone said.