EAST SYRACUSE, N.Y. (WSYR-TV) — The Bristol Myers Squibb manufacturing facility just off Thompson Road in East Syracuse has been sold to South Korean corporation LOTTE.

LOTTE is the fifth-largest family-owned corporation in South Korea and is entering the biologics industry with this purchase. The site will become the LOTTE Center for North America Operations.

The 400-person workforce will remain and will continue to produce for Bristol Myers Squibb in the short-term future.

Eventually, LOTTE is expected to expand production for its own contracts.

The companies expect the transaction to be completed and approved by regulatory authorities in the second half of 2022.

Executive Vice President of LOTTE Corporation, Hunki Lee, said in a statement: “We look forward to welcoming the talented team in East Syracuse to LOTTE, and we intend to make significant investments to further enhance the facility and its capabilities to support our strategic growth objectives moving forward.”

The incoming CEO of LOTTE Biologics, Richard Lee, used to work for Bristol Myers Squibb in East Syracuse.

LOTTE is pronounced low-TAY.