Bond allows P&G deal to progress - WALB.com, South Georgia News, Weather, Sports

Bond allows P&G deal to progress

By Jim Wallace - bio | email

August 11, 2008

ALBANY, GA (WALB) -  A bond deal designed as a tax incentive for Procter and Gamble was terminated Monday. The move was necessary for P&G to sell its Thermacare Line to Wyeth Pharmaceuticals.

The Albany Dougherty Payroll Development Authority ended a $100 million bond and lease arrangement with Procter and Gamble for equipment at the Albany plant.

Ending the lease arrangement is one of the final steps in the sale of ThermaCare products by P&G to the Madison, New Jersey company.

ThermaCare, a heat wrap relief product, will still be manufactured at the Albany plant.

The sale is expected to be completed by Labor Day. "To have a great company like Wyeth to purchase this facility. And with  &G's assistance be able remain here, and we hope for a long, long time," said Payroll Development Authority Chairman Jeff Sinyard.

Payroll Development Authority officials say Wyeth will continue to manufacture ThermaCare in the Albany P&G plant for the short term, hiring the workers on that manufacturing line.

Feedback

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Pelham street signs will soon go up to honor State Championship team

    Pelham street signs will soon go up to honor State Championship team

    Thursday, March 30 2017 11:03 AM EDT2017-03-30 15:03:00 GMT
    (Source:WALB)(Source:WALB)

    The votes are in and Pelham has officially revealed it's new street signs honoring the girl's basketball state championship teams. The city polled community members on it's facebook page with two different designs.

    More >>

    The votes are in and Pelham has officially revealed it's new street signs honoring the girl's basketball state championship teams. The city polled community members on it's facebook page with two different designs.

    More >>
  • Sumter Co. Fire Dept. fights blaze at home

    Sumter Co. Fire Dept. fights blaze at home

    Thursday, March 30 2017 10:50 AM EDT2017-03-30 14:50:21 GMT
    (Source: WALB)(Source: WALB)

    Sumter County Fire & Rescue is on scene of a house fire off Highway 280 East. 

    More >>

    Sumter County Fire & Rescue is on scene of a house fire off Highway 280 East. 

    More >>
  • Making Marines: A full day at Parris Island

    Making Marines: A full day at Parris Island

    Thursday, March 30 2017 7:57 AM EDT2017-03-30 11:57:58 GMT
    (Source: WALB)(Source: WALB)

    WALB's Re-Essa Buckels got her first full day of Marine Recruit Depot bootcamp at Parris Island, South Carolina. Buckels was invited to attend Marine Corps Educator's Workshop to study how Marines are made. A Marine says "You have just taken the first step at becoming a member of the world's finest fighting force." Sixty educators, some from Jacksonville, some from Baton Rouge lined up on the legendary yellow footprints; the first place all recruits stop, be...

    More >>

    WALB's Re-Essa Buckels got her first full day of Marine Recruit Depot bootcamp at Parris Island, South Carolina to study how Marines are made. Sixty educators, some from Jacksonville, some from Baton Rouge, lined up on the legendary yellow footprints; the first place all recruits stop.

    More >>
Powered by Frankly