PRA International plans to relocate its corporate headquarters from Reston, Va., to Raleigh, N.C. by the end of 2007. The move is to facilitate the CRO’s plans to grow the business. Presently only 37 employees are expected to be affected.
It stated the new location is closer to potential clients, has cost reduction benefits and the area has a strong talent pool of professionals. Starting in October, PRA stated it will begin increasing its staff levels in N.C. and hopes to hire 500 administrative and operations employees in the next five years.
PRA expects to take a charge of about $1.7 million due to the relocation.
"North Carolina has one of the fastest growing workforces in the United States and we are pleased to take advantage of the low employee turnover rate and the quality of life. We believe this move to Raleigh will position us well to achieve our future growth targets," stated Terrance Bieker, chief executive officer, PRA.
In a move that took PRA off the public market, the company was purchased in July by Genstar Capital, a private equity group based in San Francisco. The deal was valued at $790 million.