Pfizer Stock Rises, to Spend Over €1.2 Billion to Increase Belgium’s Manufacturing Capacity 

Pfizer Stock

Reuters says that Pfizer (NYSE:PFE) plans to put more than €1.2 billion ($1.26 billion) into its factory in Puurs, Belgium, to make it bigger. The building has been used to make the COVID-19 vaccine, which was made by the company and BioNTech (NASDAQ:BNTX). The paper said that production there started when the US and EU started giving vaccines to fight the epidemic in late 2020.

The company wants to add more space at the Puurs site for packing, cold storage, and making and bottling doses of drug substances. According to the article, the expansion will increase the staff, which has increased from 2.8K before the epidemic to 4.5K, by around 250 jobs. Pfizer said the day before that it would invest more than €1.2 billion ($1.26 billion) in Ireland to increase its ability to make biological medicines at its Dublin location.

Developments Behind Pfizer Stock

The company has been making investments to increase manufacturing in the United States and has plans to upgrade its plants in McPherson, Kansas, Rocky Mount, North Carolina, and Kalamazoo, Michigan. The source also said that Pfizer plans to spend around $1 billion to improve the ability of its factories in Massachusetts and North Carolina to make gene therapies.

Pfizer (NYSE:PFE) said it would spend more than €1.2 billion ($1.26 billion) in Ireland to build a new facility that will double the number of biological drug substances it can make at its current site in Grange Castle, Dublin.

The pharmaceutical company Pfizer plans to start the project in 2024 and finish it five years later. It is said that the company will make its biggest investment in Ireland to date, which will create between 400 and 500 new permanent jobs.

Over 2,000 of the company’s 5,000 Irish employees work at the Grange Castle location, which has been in operation for 20 years. Pfizer (NYSE:PFE) said in May 2021 that it would spend $50 million to build a key part of its COVID-19 vaccine at the Grange Castle facility.

Featured Image: Oixabay @ mike_ramirez_mx 

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