In a news release, Gov. Bob McDonnell announced that Fareva will purchase Pfizer’s manufacturing plant in Henrico County and will invest $42 million in the facility.
As per a manufacturing and supply agreement between the companies, the unit will maintain the production of Pfizer consumer products, said McDonnell.
The 500 workers employed at the facility will be transferred to Fareva.
According to CEO Bernard Fraisse, Fareva looking at setting up its pharmaceutical and cosmetics businesses in the U.S and seeking options to widen its footprint in North America.
Based in Luxembourg, Fareva is an international contract manufacturing company that deals with the development of home care and industrial, cosmetics, pharmaceuticals and food products.