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Pharmaceutical company to buy former Broyhill HQ

By Dianne Straley
Correspondent

LENOIR A pharmaceutical firm in Caldwell County is buying the sprawling, longtime headquarters of Broyhill Furniture on U.S. 321 in Lenoir and plans to expand its research and development operation there.

Exela Pharma Sciences will close on the 140,000-square-foot building with its 43-acre site by the end of the month. The property will be used for laboratories, manufacturing and warehousing, said company president Phanesh Koneru.

The firm, which opened in Lenoir five years ago, will hire an additional 42 new full-time jobs and invest $8.5 million in the property. The new jobs will pay an average of $47,395; the average annual wage in Caldwell County is $29,640.

Broyhill moved out of its corporate headquarters about three years ago, relocating closer to its Caldwell County manufacturing plants.

Exela received an $189,000 state grant for job creation in January. The company now employs about 40 people. It develops and manufactures injectable and ophthalmic pharmaceutical products.

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