Able Laboratories Signs Long-Term Lease for a 225,000 Square Foot Facility
Wednesday September 24, 6:01 am ET
SOUTH PLAINFIELD, N.J., Sept. 24 /PRNewswire-FirstCall/ -- ABLE LABORATORIES, INC. (Nasdaq: ABRX - News; BSE: AAB - News), today announced that it has signed a lease for a new facility located at One Able Drive in Cranbury, New Jersey.
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The building, formerly owned by a large pharmaceutical company and used for warehousing and distribution, consists of approximately 225,000 total square feet. 195,000 square feet will be dedicated to all of the Company's current operations including manufacturing, quality control and research & development. The remaining 30,000 square feet will be used as administrative offices. The lease is for an initial term of 12 years with two 5-year extension options.
The Company will begin custom fitting the building immediately and will begin transferring certain operations during the first half of 2004. The Company expects to complete the consolidation of its existing operations into the new facility sometime during the second half of 2004.
"We are currently operating out of five separate locations. This, obviously, causes certain operating inefficiencies and impacts our margins," said Jay Wadekar, President and CEO of Able Laboratories, Inc. "We are excited about this expansion which we believe will rationalize our operations. But, most importantly, the consolidation will bring back all our staff into one location, improve communications and allow us to operate as we did when we initiated our aggressive R and D program."
The landlord for Able's new facility is Matrix Cranbury Associates, LLC, an affiliate of Matrix Development Group. Matrix Development Group owns and manages approximately 15 million square feet of commercial, industrial, residential, golf and hospitality properties located primarily in New York, New Jersey and Pennsylvania.
Able Laboratories is a developer and manufacturer of generic pharmaceuticals. Further information on Able may be found on the Company's web site, www.ablelabs.com.
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