Masters Pharmaceuticals to Move 225 Jobs to New HQ
Published By : 02 Apr 2015 | Published By : QYRESEARCH
Cincinnati-based pharmaceuticals giant Masters Pharmaceuticals announced on March 30 their plans to build a new corporate headquarters in Mason, Ohio. The company’s current HQ in Forest Park will be shifted to Mason, where the rapidly growing company intends to build a 300,000-square-foot office space, which would be extendable to 550,000 square feet. This new facility, which will span 47 acres, will also serve as a prime warehouse and distribution center for Masters Pharmaceutical. The pharmaceuticals giant, which is a part of 360 Pharma, expects to grow into the intended office space of 550,000 square feet thanks to ongoing business expansion. The total cost of the massive new construction project is expected to be around US$16 million.
The move is partly a result of a tax benefit offer from the Ohio Tax Credit Authority on the anticipated payroll in Masters Pharmaceutical’s growing business. The total value of the tax incentives would, if things go according to the plan for Masters and 360 Pharma, be close to US$499,000.
Dennis Smith, president and chief executive officer of 360 Pharma, praised Mason’s business infrastructure in an official statement, stating his intent to make the most of the opportunities offered by Mason’s favorable business climate. He also stated that Mason suited his aim to create a campus-like environment in the new office and this was one of the main reasons for the choice of the new location.
Masters Pharmaceuticals intends to shift about 225 jobs from its existing Fairfield and Forest Park locations to the new Mason office and sell the Forest Park estate. However, the Fairfield office, which is primarily used as a warehouse and distribution hub, will be retained by 360 Pharma. Up to 100 jobs in the Fairfield office are expected to be retained, while the executive and sales teams will move to Mason.