ECONOMY

Boehringer to add to its Koropi unit

boehringer-to-add-to-its-koropi-unit

German pharmaceutical company Boehringer Ingelheim intends to implement an investment of 80 million euros in the next five years at its production unit in Koropi, eastern Attica, aiming to turn its unit in Greece into a new and innovative drug production hub.

Sources say that this investment will strengthen the Koropi plant with an emphasis on anti-diabetic drug production.

The size and term of the firm’s new cycle of investment in Greece became known during a meeting between Prime Minister Kyriakos Mitsotakis and the multinational’s Chief Executive Officer Hubertus von Baumbach and other company officials.

The German drugmaker has already implemented investment of another €80 million since 2008 at the Koropi unit, which is now able to export products to about 70 countries around the world, securing a market share of 2.2% among the country’s overall exports. The total annual value of Boehringer’s exports, which recently reach €500 million, is now expected to come close to €1 billion next year.

Sources say the main incentive for this new investment has been a legal amendment for offsetting “clawback” payments to the state.