A state-funded Grow NJ grant is designed to encourage Corning Pharmaceutical Glass, a supplier of high-quality glass tubing to the pharmaceutical packaging industry, to invest in its newly acquired Gerresheimer AG’s pharmaceutical glass tubing complex in Vineland, New Jersey.
The Vineland facility, a joint venture between Corning and Gerresheimer, is designed to create a hub for manufacturing of clear and amber borosilicate glass tubing used in vials, cartridges, ampules, and syringes.
As an incentive, state officials recently awarded the firm a 10-year, $8.3 million, Grow NJ grant to encourage Corning to invest in its Vineland plant, where it employs 185 full-time associates.
According to Corning officials Corning and Gerresheimer recently entered into a 10- year supply agreement for borosilicate tubing. “The acquisition positions Corning as a leading worldwide supplier of glass pharmaceutical tubing,” they explained.
“We are pleased to complete these transactions, which create a strong, long-term relationship with Gerresheimer, an established market leader,” said Eric S. Musser, Executive Vice President, Corning Technologies and International. “We anticipate a number of synergies with our global glass operations and existing Life Sciences business.”
“We see this as a tremendous opportunity to expand our portfolio by leveraging our corporation’s core technologies, which would not be possible without our skilled workforce in the Vineland community,” said Brad Boersen, board chairman, Corning Pharmaceutical Glass, LLC.
“We think this is a tremendous opportunity to expand in a growing market with evolving needs for glass,” said Wendell P. Weeks, Chairman, CEO and President. “We are applying our unparalleled glass science capability and precision-forming platform to solve difficult challenges related to pharmaceutical glass, and to create value for our long-time pharmaceutical and biotech customers. Leveraging multiple capabilities where we are already a leader characterizes the strategic and capital allocation framework that we recently shared with investors.”