|Sat, Oct 25, 2014 07:35 PM
|Issue of October 22, 2014
May 14, 2014 | 09:55 AM
Travelers along Interstate 64 in Southern Indiana have watched the monolithic gray building rise from an empty field during the past year for the home of Areva Pharmaceuticals Inc.
The building, spanning 65,000 square feet and six acres, is the result of joint economic development efforts and support offered by Harrison County and the state of Indiana.
Harrison County and Areva invite the public to a ribbon-cutting ceremony and open house Friday starting at 11 a.m. The event will begin with remarks from local officials and from Irene and Victor Swaminathan, owners and founders of Areva. Tours of the facility will be given until 2 p.m. Food will be served from 11 a.m. to 2 p.m.
Areva Pharmaceuticals, makers and marketers of injectable and ophthalmic pharmaceuticals used for the treatment of cancers, hypertension, heart disease and glaucoma, becomes the first company to locate in Harrison County's Interchange Industrial Complex. The new building serves as Areva's global distribution center and headquarters. Phases II and III of Areva's plans include a facility for on-site research and development and a facility for the manufacturing of sterile, injectable pharmaceutical products.
Darrell Voelker, director of the Harrison County Economic Development Corp., began working with Areva in 2012 to develop an incentive package attractive to the new manufacturer. Local and state officials took steps to bring the company to Harrison County.
"We have a great opportunity to attract businesses and create jobs at the area around the Lanesville interchange, and the Areva project is a step in the right direction," Kenny Saulman, president of the Harrison County Board of Commissioners, said.
Voelker added, "Business attraction today means you must react very quickly to be competitive. This project included many partners, such as the Indiana Economic Development Corp. and James L. Shireman Inc., who encouraged Areva to consider Harrison County. But the tremendous cooperation from local elected officials was unprecedented. They made significant commitments with public funds in a timely fashion. This made the biggest difference in the success of this project."
Ground was broken in March 2013 and the Shireman firm completed construction last month.
The incentive package includes land and infrastructure development, tax credits and rent abatements during the next 10 years. The overall development project, including the building, made the total investment package worth more than $7 million.
The Indiana Economic Development Corp. offered Areva up to $2 million in conditional tax credits and up to $250,000 in training grants based on the company's job-creation plans. These tax credits are performance-based, meaning until Indiana residents are hired, the company is not eligible to claim incentives.
Areva's ownership consists of company chairwoman Irene Swaminathan and her husband, Victor, who serves as president. Irene is a registered pharmacist and patent attorney. With her leadership, Areva joins the ranks of the thousands of women-owned minority entrepreneurial ventures in the United States.
Victor Swaminathan, also a registered pharmacist, launched his first major business entity in 2003. ADiO Health Management Solutions is a direct-delivery pharmacy serving mental health centers throughout Kentucky.
Areva's customer base includes hospitals, infusion therapy pharmacies, mail-order pharmacies, long-term care facilities, etc.
For information about Areva and its pharmaceutical products, visit www.arevapharma.com.