The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

PHARMACHEM Technologies has confirmed over 30 full-time workers and direct contractors were laid off at its facility in Freeport, but said the company will continue to inject over $20 million annually into the economy.

In a statement issued yesterday, the company stated it regretted having to make the difficult decision to reduce its current staff requirement by 28 percent, which represents 32 Bahamian full time employees and direct contractors, and 11 non-Bahamian full-time employees during the period July - December 2019.

The company stated the reductions were due to unexpected increases in construction costs and delays in the construction scheduled experienced to date.

“Notwithstanding this reduction, the company will still inject $25 million annually into the local economy by way of its ongoing operations,” the statement noted.

“The company is satisfied that the new modern manufacturing plant, when completed, will help to pave the way for a sustainable future for this site, and will fortify the continued contributions made by the company to the economy of Grand Bahama and the Bahamas at large.”

PharmaChem is a privately held Bahamian international business company that broke ground for the construction of its multi-product manufacturing facility in May 2016, which at the time, was projected to cost the company some $120 million.

More than 100 full time and direct contract employees had been hired to compliment its existing staff, and in addition to this, the project itself has over 130 Bahamian construction workers who are currently employed on the construction site.

The company noted that as a direct result of the construction project alone, some $61 million has been injected directly into the local economy, with potentially as much as another $37 million to be injected by the end of the project.

“This means that by completion, the local economy will have received an injection of some $98 million, which is a substantial portion of the total investment being made by PharmaChem in this project,” the statement said.

PharmaChem is a fine chemical contract manufacturing organisation. “We are proud of our dedicated and highly technical trained staff, 90 percent of whom are Bahamians. We thank both former and active employees for their significant contributions to the success of PharmaChem,” the company noted.