Cody, Wyoming is primarily a tourist town, swimming in the history of it's founder, William "Buffalo Bill" Cody, and located at the east entrance of Yellowstone National Park. The tourists are important to our economic health, but the tourist season is short and sometimes fickle.
In 2008 an economic development corporation was stood up: Forward Cody. Their mission is to expand or grow businesses in Cody, diversifying and strengthening our economy. One way they've done that is to help expand Cody Laboratories Inc. (Cody labs).
Cody Labs was founded in 2000 by Ric Asherman, a former Navy Seal. In the beginning, they produced phentermine hydrochloride, a drug similar to amphetimine and used to treat obesity in those with high blood pressure, high cholesterol, or diabetes. The original facility employed 10 people. In 2007 Cody Labs was bought out by the Lannett Company, a major manufacturer of generic pharmaceuticals.
Lannett expanded the production line, became one of only seven companies in the country licensed to import raw opiate materials, and expanded to 80 employees by 2010. A $3.5 million warehouse was built in 2015 and another 40 employees added to the role.
In 2016, the next phase was approved and construction on a $50 million production facility should begin in the spring of 2017! This new facility will take approximately two years to complete, plus an additional year of validation by the FDA.
Once complete, Cody Labs will increase to 175 full-time employees with an average salary of $55,000 and an additional $2.5 million in revenue to our local community. It may not sound like much to some larger cities, but in a community of 9,500 people, this is a big impact!
Diversity is important for the City of Cody. Companies like Cody Labs can take advantage of our free market, low taxes, and amazing quality of life. At the same time, they bring economic diversity to our community, strengthening us outside of the tourist industry and balancing our economy during the off-season.
As these employees move into the area, housing will be one of their major concerns. American West Realty provides professional Property Management in Cody, Wyoming, and we are prepared to help them find apartments, condos, townhomes, or single-family homes. When they are ready to put down roots, we are prepared to help them find a forever home in Cody, Wyoming.
original article at http://www.rentcody.com/cody-labs-expansion-approved.html
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