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>>

  • The Latest: Irma weakens into a tropical depression

    The Latest: Irma weakens into a tropical depression

    Monday, September 11 2017 3:27 AM EDT2017-09-11 07:27:29 GMT
    Tuesday, September 12 2017 2:42 AM EDT2017-09-12 06:42:09 GMT
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
  • Rossini’s ‘Cinderella’ comes to Albany

    Rossini’s ‘Cinderella’ comes to Albany

    Thursday, September 21 2017 1:39 PM EDT2017-09-21 17:39:43 GMT
    (Source: AAAC)(Source: AAAC)

    The Peach State Opera, Georgia’s premiere touring opera company, will perform Rossini’s classic musical comedy, La Cenerentola (Cinderella).

    More >>

    The Peach State Opera, Georgia’s premiere touring opera company, will perform Rossini’s classic musical comedy, La Cenerentola (Cinderella).

    More >>
  • Phoebe to offer free 3-D mammograms in October

    Phoebe to offer free 3-D mammograms in October

    Thursday, September 21 2017 1:09 PM EDT2017-09-21 17:09:40 GMT
    (Source: Rhoda Baer/National Cancer Institute)(Source: Rhoda Baer/National Cancer Institute)

    To recognize Breast Cancer Awareness Month, Phoebe's Carlton Breast Health Center is offering 100 free 3-D mammograms. 

    More >>

    To recognize Breast Cancer Awareness Month, Phoebe's Carlton Breast Health Center is offering 100 free 3-D mammograms. 

    More >>
Powered by Frankly