Cody Lab Goes After $24M Loan to Expand - KULR-8 Television, Billings, MT

Cody Lab Goes After $24M Loan to Expand

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CODY, WYOMING -

Cody may soon be the site of a $100 million company expansion and more than 100 new jobs.

Wyoming's legislature passed a bill to loan $24 million for economic development, and Cody Labs is poised to take the money.

The company has been manufacturing pharmaceuticals in Cody since 2000.

Lannett company bought it in 2007.

They've been working with an economic development company, named Forward Cody, to get the $24-million loan to build a new warehouse and production facility, north of town.

Wyoming State Senator Hank Coe of Cody played a big part in getting the legislation passed.

A two-thirds majority was needed in both houses.

"This is a big deal. It's not only a big deal for Cody and the Big Horn Basin. It's a huge deal for the state. This is the biggest economic development thing the state's ever gotten into.," says Wyoming Senator Hank Coe from Cody.

"In the next three years we'll hire another one hundred people, who will work in three production lines in the this new API production project," says James Kiessens, CEO of Forward Cody.

Although the funding was created for Cody Labs, the $24 million loan is up for grabs.

Any company can apply for it, but the Cody Labs application is already being processed.

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