Materials supplier Foster Corp. is building a new manufacturing plant next to its headquarters in Putnam, Conn.
In a June 18 news release, officials cited strong growth in the medical and pharmaceutical markets as a reason for building the new plant, which will cover almost 56,000 square feet.
They added that the new expansion comes only a few years after Foster opened a new pharmaceutical building in Putnam for its Delivery Science business.
"Foster's recent growth has necessitated the new building as both our compounding and distribution businesses have grown to the point that space would become a limiting factor for Foster if we didn't make this move," CEO and owner Larry Acquarulo said in the release.
"The new building will not only allow our growth to continue, but it will also allow us to grow in new markets where we haven't been able to compete in the past, including larger volume medical applications," he added.
The new facility will house both compounding manufacturing assets and hold inventory for Foster's growing distribution business, according to Acquarulo.
"Our plan is to invest heavily to expand our capabilities, and our market footprint, in the next five to six years," he said.
Officials said that the expansion will also bring new jobs to the area, as Foster plans to continue on its growth path into the future.
"We are happy with what we have been able to accomplish with cooperation between the area leaders and Foster," Acquarulo said. "We'll continue to work with area leaders to add jobs as we grow. It's been a good partnership."
Foster makes compounds based on a wide range of engineering resins and elastomers, primarily for the medical market. In addition to Putnam, the firm operates a production plant in Las Vegas.