CDMO Vetter Pharma International has opened a new temperature-controlled warehouse and secured a multimillion Euro loan for further investment.
The €35m ($45m) facility in the Ravensburg, Germany is a complex of high-bay storage units for pharmaceutical products, which is capable of both cool and low-temperature storage. Vetter – which has been working on the facility since last year – says it will employ 400 people at the site.
Managing director Thomas Otto said: “Our state-of-the-art Center for Visual Inspection and Logistics is a fundamental part of our system of rapid and reliable delivery to our customers worldwide."
The opening comes just a few days after Vetter secured a triple-digit million euro syndicated loan with a consortium of renowned banks led by Deutsche Bank AG, the Landesbank Baden-Wurttemberg, and Commerzbank AG
In a statement release last month the firm said the five-year loan – the size of which was not disclosed - will position it for growth, citing contract filling capacity and facility modernization as likely areas of investment.