GlaxoSmithKline Plc (GSK: Quote, GSK.L) confirmed that it will invest above 500 million pounds in the UK across its manufacturing sites to increase production of key active ingredients for its pharmaceutical products and vaccines.
The comapny further stated that it will invest more than 100 million pounds across its two manufacturing sites in Scotland - Montrose and Irvine. In total, it is expected that these investments will create up to 1,000 new jobs over the lifetime of the projects and will also benefit the wider construction industry and the many companies which supply GSK with services and facilities in the UK, GlaxoSmithKline added.
According to the company, the investments follow confirmation by the Government in the Budget that it will implement a 'patent box' to encourage investment in R&D and related manufacturing in the UK, by introducing a lower rate of corporation tax on profits generated from UK-owned intellectual property.
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by RTT Staff Writer
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