Pharmaceutical giant Sanofi plans to invest billions in Frankfurt
The Frankfurt location is one of Sanofi's largest projects in Germany. At this site, the French pharmaceutical company produces Insulin. In the future, production is expected to be further expanded.
According to a German newspaper report, another multi-billion euro investment from a large pharmaceutical company could be coming to Germany. The French pharmaceutical manufacturer Sanofi is reportedly planning to build a new production site in the Frankfurt district of Höchst and could invest around 1.3 to 1.5 billion euros for this, according to "Handelsblatt," citing sources in the federal government.
In Höchst, the company already operates a production site for Insulin. This site is expected to make way for a new facility using more modern technology. However, a final decision has not yet been made.
Sanofi had no comment at first. The Frankfurt location is one of Sanofi's largest projects in Germany. Approximately 8000 employees work at Sanofi's three locations in Frankfurt, Cologne, and Berlin in Germany, with over 86,000 employees worldwide.
Recently, the US pharmaceutical company Eli Lilly made headlines with its investments in building a production site in the Rhineland-Palatinate Alzey for 2.3 billion euros. Million-dollar investments have also been made by Daiichi-Sankyo, Roche, and Merck in Germany.
These foreign investments give hope that Germany's lost attractiveness as a location may be regained. In a study by the Swiss business school IMD, the German economy ranked rather poorly in a comparison of location factors - landing on place 24 out of 67. Ten years ago, Germany ranked 6th in the same comparison. According to the analysis, taxes and infrastructure are deterring companies.
The proposed investment by Sanofi-Aventis in the Frankfurt district of Höchst could significantly contribute to the German pharmaceutical industry's economy. If the plan to build a new production site in Höchst materializes, it would be another major investment from a global pharmaceutical company in Germany.
