ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, January 4, 1996 TAG: 9601040055
SECTION: BUSINESS PAGE: B8 EDITION: METRO
DATELINE: BEDFORD
SOURCE: By RICHARD FOSTER STAFF WRITER
Gov. George Allen is to unveil a major economic development project today in Bedford County. It is widely believed that he will confirm weeks of speculation that Barr Laboratories Inc. has decided to open a proposed $29 million plant in Forest.
County and state officials wouldn't say if the Pomona, N.Y., maker of generic drugs is indeed coming to Bedford County.
According to a county news release, however, Allen will make his announcement at the former Galileo Electro-Optics Corp. building on Virginia 663 in Forest.
Barr officials last month told The Roanoke Times that the company was considering buying the vacant building and renovating it for a new 125-employee manufacturing center.
Last month, Barr's chief executive officer met with Allen to discuss the expansion, and the county Board of Supervisors applied to the state for $255,000 in Governor's opportunity fundsfrom the Governor's Opportunity Fund to woo the company.
A Barr spokesman did not return phone calls seeking information about today's announcement.
Barr ranks among the top 10 independent U.S. manufacturers of generic drugs based on its 1995 sales of $199.7 million. Its key products include antibiotics and treatments for breast cancer, AIDS, heart disease and depression.
The company's stock is publicly traded on the American Stock Exchange and closed Wednesday at $29.25 a share, down 25 cents from Tuesday. Barr has 350 employees at two manufacturing plants in New York and New Jersey.
LENGTH: Short : 40 linesby CNB