Last week’s announcement that Cody Labs is closing its doors is a bitter pill to swallow.
The loss of 70 good-paying jobs in Cody cannot easily be replaced. While not unexpected, the announcement still came as a blow.
Lannett Co., Cody Labs’ parent company, had been trying to find a potential buyer for the past eight months. Potential buyers only wanted the fixed assets, not the business.
That is a statement on the generic pharmaceutical industry itself rather than on the feasibility of operating a manufacturing facility in Cody.
Economic development projects have ups and downs. When Lannett announced it would build its new manufacturing and warehouse facility and add about 35 jobs bringing its employee number to almost 200, there was jubilation.
Now there is despondence.
The loss of Cody Labs is a disappointment, but it is not the end of the world or the end of Cody.
While it is disheartening to see the failure of Cody Labs, perhaps Forward Cody’s premier project, Forward Cody must keep swinging. One will never have success if one doesn’t try.
Perhaps the greatest legacy of Cody Labs will be the Wyoming Economic Development Large Project loan program created to attract businesses to Wyoming, like Cody Labs, which are seeking large project funding with low interest government loans.
While it didn’t work for Cody Labs, it will be a draw for other businesses considering relocating to Wyoming.
Businesses come and go. Some economic development projects are successful, some are not. But Cody will remain strong and active.
Cody offers so much as a quality place to live that another business will move in or start up or expand to replace the lost jobs.