KVK-Tech Inc, a developer, manufacturer and marketer of specialty pharmaceuticals, has agreed to acquire a 57-acre site in Pennsylvania to expand its U.S. production capacity.
The facility, owned by defense contractor Lockheed Martin, was formerly used to make satellites for the U.S. military but defense spending cuts mean that it has been earmarked for closure since 2013.
KVK will purchase the 460,000 square feet of office, lab and high-tech manufacturing space on the Newtown Bypass in June. Lockheed Martin will continue to occupy the site until the end of 2015 as it winds down its operations. Then, in January 2016, KVK will start adapting the space to make generic pharmaceuticals for the U.S. market, including oral solid dosage forms such as tablets and capsules.
KVK-Tech CEO and President Anthony Tabasso told Bucks Local News that the company will retain its existing manufacturing sites in Newtown — an 84,000 square foot facility on Terry Drive and 24,000 square foot facility on Pheasant Run — where the company employs about 200 workers.
"We expect to create quality jobs here over the next several years as we continue to manufacture high-quality pharmaceuticals exclusively in the U.S.," Tabasso added.
No financial details of the sale have been disclosed, pending a final settlement agreement between KVK and Lockheed Martin.
