AstraZeneca to cut jobs, close plants in Europe
THE ASSOCIATED PRESS
LONDON - Pharmaceutical company AstraZeneca PLC said Thursday it plans to close three plants in Spain, Belgium and Sweden and cut 1,400 jobs in Europe by 2013 to improve efficiency and expand investment in Asia to serve the growing market there.
It said it is investing in its Wuxi plant in China to turn the plant into its packaging center for the entire Asia Pacific region.
"It moves the supply process closer to the customer, responding to their requirements and improving the security of the product wherever it is bought," said David Smith, the company's executive vice president of operations.
Last month, AstraZeneca posted a 29 per cent rise in third quarter net profit to $1.73 billion as strong sales in emerging markets like China helped offset flat demand for its products in the United States. Sales in China alone soared 35 per cent.
[ 2008-11-20 ]
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