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PharmaChem announces staff reductions

PharmaChem Technologies G.B. Ltd. has revealed that 43 jobs will be lost between July and December as the company deals with construction cost overruns and delays in its construction schedule.

The company explained in a press release that 32 Bahamian staff members and 11 non-Bahamian staff members will be sent home before the end of the year. The company stressed that it will continue its commitment to the Grand Bahama economy despite this setback.

PharmaChem broke ground on a $120 million multi-product manufacturing facility in May 2016. “In pursuance of this undertaking, PharmaChem hired more than 100 full-time and direct contract employees to compliment its existing staff; and in addition to this, the project itself has over 130 Bahamian construction workers who are currently employed on the construction site. As a direct result of the construction project alone, some $61 million has been injected directly into the local economy, with potentially as much as another $37 million to be injected by the end of the project. This means that by completion, the local economy will receive an injection of some $98 million, which is a substantial portion of the total investment being made by PharmaChem in this project.”

The company stressed that its ongoing operations will inject $25 million per year into the Grand Bahama economy.

“The company is satisfied that the new modern manufacturing plant, when completed, will help to pave the way for a sustainable future for this site and will fortify the continued contributions made by the company to the economy of Grand Bahama and The Bahamas at large,” the release states.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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