ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Friday, December 8, 1995 TAG: 9512080064
SECTION: BUSINESS PAGE: A17 EDITION: METRO
SOURCE: RICHARD FOSTER STAFF WRITER
Barr Laboratories Inc., a Pomona, N.Y., maker of generic drugs, confirmed Thursday it is considering locating a multimillion-dollar manufacturing center in Bedford County.
State and county officials weren't talking, but Barr's chairman, president and chief executive officer, Bruce L. Downey, said Thursday, "We've been talking with people in Bedford County and we've certainly found it to be a very attractive area."
Barr ranks among the top 10 independent manufacturers of generic drugs based on sales. Its key products include antibiotics and treatments for breast cancer, AIDS, heart disease and depression.
Barr spokesman Charlie Mayr emphasized the company has not made a commitment to buy the property in the Forest area. "We have looked at a number of options for expansion, and certainly Virginia's one," he said. "We just haven't come to a decision yet."
Bedford County Administrator Bill Rolfe declined to comment about Barr, and so did officials at the state Office of Economic Development.
Barr officials met recently with Gov. George Allen to talk about the possible expansion. Downey would not say if the governor offered the company any economic incentives.
A real estate agent presumed to be working for Barr received an industrial change-of-use permit last month from the county Planning Commission for a building on Virginia 663 in Forest. That building is owned by Galileo Electro-Optics Corp. of Sturbridge, Mass.
Galileo closed the plant in 1993. It had employed about 100 workers.
The agent told the Planning Commission last month that Barr plans to employ 125 people and would spend $29 million in renovating that building and constructing a new one for distribution.
However, Downey said that if Barr bought the property, its immediate plans would include only a manufacturing center, with a distribution center probably a long-term option.
At Barr's annual shareholders meeting Wednesday, Downey announced that the company will undertake a $4 million expansion of its plant in New York next year, and also will be expanding its operations at its Northvale, N.J., manufacturing plant. Downey mentioned other expansion plans but was not specific about location.
LENGTH: Medium: 77 lines ILLUSTRATION: GRAPHIC: BARR LABORATORIES INC.by CNBTHE COMPANY: Barr is one of the nation's leading manufacturers of
generic drugs, including antiobiotics and treatments for cancer,
heart disease and anxiety. Key products includes a patented
breast-cancer drug, Tamoxifen Citrate, and a generic form of AZT, a
drug commonly used in the treatment of AIDS patients.
HQ: Pomona, N.Y.
EMPLOYEES: 350
OPERATIONS: Barr also has manufacturing operations in Northvale,
N. J.
OWNERSHIP: 9.3 million shares traded on the American Stock
Exchange. Its ticker symbol is BRL. The stock price closed Thursday
at $24.12 1/2 a share.
. . .
INDUSTRY RANKING: In net sales, Barr ranks among the top 10
independent generic pharmaceutical manufacturers across the nation.
In overall sales, Barr ranks among the top 50 pharmaceutical
producers in the United States.
Year Sales Earnings Earnings Per
Share 1995 $199,720,000 $6,225,000 0.70
1994 $109,133,000 $2,658,000 0.30
1993 $ 58,047,000 $7,787,000 0.90<
1992 $100,790,000 ($1,909,000) (0.23)
1991 $ 93,984,000 $4,525,000 0.57
includes map showing Barr's Proposed Site STAFF