Philadelphia-based PRWT said it has entered into an agreement to sell its Cherokee Pharmaceutical plant in Riverside, Pa., which it acquired in 2008, back to Merck (NYSE:MRK) for an undisclosed price .
A spokeswoman for PRWT, one of the largest minority-owned business is the city, said the company decided to sell the plant because of the “challenging business environment” in the pharmaceutical industry and its desire to concentrate on its core business process outsourcing services.
PRWT provides back-office support and outsourcing services to state and local governments across the country. Its local contracts include operating PATCO toll booths on weekends and collecting parking ticket fines and running the impound lots used by the Philadelphia Parking Authority. The company also has a separate division that provides facility management.
The Cherokee Pharmaceuticals facility has about 450 employees. Merck is evaluating the plant operations and has not determined if staffing levels will change.
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