With its profits sliding, the big CRO Covance has put plans for a $145 million campus in Prince William County, VA on hold for up to two years.
Welcomed with open arms in 2007 when it came in with plans to consolidate two facilities at Innovation@Prince William Technology Park, Covance says that economic conditions have forced the company to delay building by 18 to 24 months. And that delay has blunted economic development officials' near-term expectations to see the park grow as a major biotech hub.
The Washington Business Journal reports that Covance has already been forced to wind down some operations in the area as its business has been hurt by the economic slowdown. Back in May the CRO laid off 90 workers and closed its oldest building in Vienna, VA.
- read the story from the Washington Business Journal