May 02, 2001

Lila White
(804) 692-3110

John R. Wilson, PhD.
Boehringer Ingelheim Chemicals, Inc.
(804) 504-8809
Jill Lawrence
(804) 371-0049
Governor Gilmore's Second Mission Visit to German Firm Results in Investment
-- Boehringer Ingelheim Chemicals invests an additional $20 million in its Petersburg site - -

London - After further talks with executives of Boehringer Ingelheim GmbH's headquarters in Ingelheim, Germany, Virginia Governor Jim Gilmore today announced that the company will invest an additional $20 million in its Petersburg facility. Boehringer Ingelheim Chemicals (BIC) originally announced a $52 million investment and the creation of 104 new jobs on March 9, 2000. The new investment will bring BIC's current expansion investment up to $72 million. The Petersburg site is a strategic facility for BIC's production of Active Pharmaceutical Ingredients (API) for its growing portfolio of prescription products. In addition to serving its parent company, Boehringer Ingelheim Chemicals also manufactures APIs for other pharmaceutical companies.

"I met with Boehringer Ingelheim executives on my first trade and investment mission to Europe in 1998 and I am pleased to have had the opportunity to meet with them again on this trip," said Governor Gilmore. "I am confident that Boehringer Ingelheim feels as welcomed in Virginia as I do in Germany. The company's substantial investment is a testament to the pro-business climate in the Commonwealth."

Boehringer Ingelheim Chemicals, Inc. is a wholly owned subsidiary of Boehringer Ingelheim Corporation located in Ridgefield, Connecticut, engaged in manufacturing bulk active ingredients to the pharmaceutical industry. Its facilities are located in Petersburg, Virginia. Boehringer Ingelheim, with headquarters in Ingelheim, Germany, is one of the 20 leading pharmaceutical corporations in the world. It reported revenues exceeding EURO 6.2 billion (US $5.8 billion) in 2000. The corporation has more than 140 affiliated companies and it conducts business on every continent.

"We have long had outstanding business and personal ties with the Commonwealth of Virginia," said Dr. Hans-J├╝rgen Leuchs, member of the Board of Managing Directors at Boehringer Ingelheim. "Virginia offers professional commitment, well-educated personnel and a good infrastructure to investors."

Dr. Leuchs added that Boehringer Ingelheim seeks to further strengthen its business activities in the U.S. and generate a larger portion of our value added there. "The U.S. is the single most important market for our company, as shown by the fact that last year more than 36 percent of our worldwide sales came from the U.S."

The Virginia Economic Development Partnership, the City of Petersburg and the Appomattox Basin Industrial Development Corporation assisted Boehringer Ingelheim Chemicals with its expansion decision. As announced in March 2000, Governor Gilmore approved a $400,000 grant from the Governor's Opportunity Fund to assist Petersburg with site preparation. The company also qualified to receive a grant from the Virginia Investment Partnership Program in the amount of $500,000. The Virginia Department of Business Assistance is providing workforce training services to the company.

"At a time when several companies are laying off, we are pleased to see an existing Virginia company make such a notable expansion," said Virginia Secretary of Commerce and Trade Barry E. DuVal. "Boehringer Ingelheim has found the right success formula in Central Virginia through strong leadership, a skilled workforce and strong community support."



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