FOR IMMEDIATE RELEASE
May 21, 2003

Ellen Qualls
www.governor.state.va.us


Pamela S. DeMala
Boehringer Ingelheim Corporation
(203) 798-4700
Jill Vaughan
VEDP
(804) 371-0049
BOEHRINGER INGELHEIM MAKES LARGEST INVESTMENT IN PETERSBURG HISTORY
-Governor Warner closes $260 million biotech deal during European trade mission-


INGELHEIM, GERMANY - Governor Mark R. Warner today announced that Boehringer Ingelheim Corporation will expand its manufacturing capacity at its subsidiary, Boehringer Ingelheim Chemicals, Inc. in the City of Petersburg. The expansion announcement followed Governor Warner’s meeting with company officials at the Boehringer Ingelheim world headquarters in Ingelheim, Germany. The completion of all phases of the Petersburg expansion, which are tied to product milestones, could reach $260 million in new capital investment by 2011 with an overall increase in employment of 165. Boehringer Ingelheim Chemicals is a leading producer of active pharmaceutical ingredients for the Boehringer Ingelheim group of companies and for other pharmaceutical companies worldwide.

“This is the single largest investment in Petersburg history,” said Governor Warner. “It re-affirms Boehringer Ingelheim’s longstanding commitment to the Commonwealth of Virginia, and the City of Petersburg. And it is the latest in a string of mega biotechnology investments in Virginia, following the Howard Hughes Medical Institute campus in Loudoun County, and the Eli Lilly investment in Prince William County.”

“This expansion adds to our site another world-class active pharmaceutical ingredient manufacturing facility. This facility will enable us to continue to support the increasingly complex active pharmaceutical ingredients currently being developed in collaboration with our internal and external customers,” said Dr. Anthony J. Corso, President and COO of Boehringer Ingelheim Chemicals, Inc. “Virginia’s dedicated workforce is a prized resource which is essential to the continued success we envision for Virginia and for Boehringer Ingelheim Chemicals. I personally thank the City of Petersburg and the Commonwealth for their strong support and assistance in helping us achieve this important milestone.”

Governor Warner approved a $1.75 million grant from the Governor’s Opportunity Fund to assist the City of Petersburg with the project. Boehringer Ingelheim Chemicals also qualifies to receive a $3 million performance-based grant from the Virginia Investment Partnership, a program available to existing Virginia firms. The Virginia Economic Development Partnership, Virginia’s Gateway Region and the City of Petersburg assisted Boehringer Ingelheim with its decision. The Virginia Department of Business Assistance will provide workforce training services.

“The Petersburg City Council and administration are pleased with the ongoing relationship we have developed with Boehringer Ingelheim Chemicals,” said City of Petersburg Mayor Rosalyn R. Dance. “This expansion provides high-paying jobs for the people of Petersburg and demonstrates the city’s ability to support high-tech and world-class operations.”

Boehringer Ingelheim Chemicals, Inc. is a subsidiary of Boehringer Ingelheim Corporation, based in Ridgefield, Connecticut and a member of the Boehringer Ingelheim group of companies. The Boehringer Ingelheim group of companies ranks among the 20 leading pharmaceutical corporations in the world and has 156 affiliated companies in 44 countries worldwide. Focusing on human pharmaceuticals and animal health, it posted revenues of $7.2 billion in 2002.

Since 1885, Boehringer Ingelheim has been a privately-held company, headquartered in Ingelheim, Germany, with a long history of successfully marketed pharmaceutical innovations. Research and development, production and distribution facilities are located around the globe. In 2002, Boehringer Ingelheim’s R&D spending was more than $1.2 billion which is about a fifth of net sales in Prescription Medicines. For more information on Boehringer Ingelheim, please see the international Internet website www.boehringer-ingelheim.com.

Virginia is home to 135 German affiliated companies, employing more than 16,000 people. Cumulative German investment in Virginia is more than $3.5 billion. Germany is the largest foreign investor in Virginia, and the third largest foreign employer.

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