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Published on 21 January 2008

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Bristol-Myers to close drug factory

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Bristol-Myers Squibb has announced it is to shut one of its factories in Puerto Rico, the latest in a series of industry cutbacks on the US island territory.

The pharmaceutical giant said that it will close the plant, which is in the northern city of Barceloneta, within the next 12 months.

About 225 jobs will be lost as a result of the move.

The company said that it had made the decision due to the fact that there has been a fall in demand for the drugs produced at the factory, which include two Aids treatments and an antibiotic.

The firm also said that it had a general need to cut manufacturing costs.

Bristol-Myers said two other factories in the Puerto Rican cities of Humacao and Manati will not be affected by the decision and will remain open.

Back in October, the company announced that it was closing a site in the western city of Mayaguez that manufactures heart disease and diabetes medicines, which resulted in the loss of around 400 jobs.

In the past 18 months a number of drug companies have restructured their operations on the island, which has traditionally been a centre of pharmaceutical manufacturing.

In total around 3,000 jobs have been lost as a result of the cuts.

Copyright © PA Business 2008

Bristol-Myers Squibb

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