Stock Update (NYSE:NVO): Novo Nordisk Invests Dkk 500 Million in New Raw Material Warehouse in Denmark
Novo Nordisk A/S (ADR) (NYSE:NVO) announced that the company is investing 500 million Danish kroner in a new 19,000 m2 warehouse in Hillerød, Denmark. The warehouse will handle all inbound raw materials for Novo Nordisk’s production in Denmark and will have a capacity of around 17,000 pallets.
Novo Nordisk’s site in Hillerød currently has about 1,900 employees and 70 employees will work in the warehouse.
“The investment in Hillerød underpins our long-term plans to invest in Denmark. Hillerød is a strategic site in Novo Nordisk and we’re consolidating our inbound flow of materials at this site,” said Susanne Hundsbæk-Pedersen, senior vice president of Devices & Supply Chain Management, Novo Nordisk.
Groundbreaking will take place today, 3 September, and the warehouse is expected to be fully operational end 2017. (Original Source)
Shares of Novo Nordisk closed yesterday at $55.35. NVO has a 1-year high of $60.34 and a 1-year low of $41.72. The stock’s 50-day moving average is $57.44 and its 200-day moving average is $54.62.