Abbott To Spend $270M On OH Nutritional Plant
WASHINGTON (AP) — Health care product maker Abbott Laboratories says it will spend $270 million on a new plant in Ohio and employ 240 workers to make nutritional drinks for adults.
The plant is to produce the company's Ensure and Glucerna products for the North American market.
It is set to be located in Tipp City, with construction expected to begin in April and finish in late 2013.
Ohio Gov. John Kasich said in a telephone interview Thursday that he first contacted the company about the facility in November when he heard they were nearing a decision.
He said employees of JobsOhio, the new semi-private economic development board he has championed, was able to work quickly to pull together a proposal.
"It's just a big deal, it's a huge investment," he said. "I'm really excited about this because I think this is just such an upscale company with high-paying jobs."
In October, Abbott announced it would spin off its branded drug business into a separate company by the end of this year. Executives said that would allow investors to separately value Abbott's businesses. The remaining core of Abbott Labs will consist of the company's nutritional, generic drug and medical device units.
Abbott makes Similac, PediaSure and other children's brands.
Shares of Abbott Laboratories rose 63 cents to $57.24 Thursday.