Lannet plans to consolidate all administrative and distribution functions in the renovated, Torresdale Avenue facility and expand manufacturing capacity at the State Road location. Wachovia Bank and the Philadelphia Industrial Development Corp. arranged an aggregate $9.4 million to fund the acquisition and renovation. This includes $2.8 million for new machinery and computer upgrades.
Lannet was founded here in 1942. It is a publicly traded company, trading under LCI on the NYSE. It employs approximately 150 people. In 2003, it generated revenues in excess of $40 million.
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