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.