<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published November 12, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>GSK to shut underused Stiefel Lab factory
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<SCRIPT type=text/javascript src="http://s7.addthis.com/js/250/addthis_widget.js#pub=xa-4ae026ba0e05c08d"></SCRIPT><SCRIPT type=text/javascript> var addthis_config = { username: "xa-4ae026ba0e05c08d", services_compact: 'facebook, twitter, favorites, myspace, google, digg, live, delicious, stumbleupon, more', services_exclude: 'print', data_use_flash: false } </SCRIPT> <!-- AddThis Button END --></TD></TR></TBODY></TABLE>GLAXOSMITHKLINE plc (GSK) will close down Stiefel Laboratories' manufacturing facility in Singapore by 2013 due to under-utilisation, the pharmaceuticals giant said yesterday. The factory had come under GSK's ownership in July this year through its acquisition of the US skincare specialist. About 100 workers will be affected by the move.
GSK said its employees would be offered financial compensation, training opportunities and outplacement support. It will also gradually shift production to alternative sites. At present, the site, which was established in 1994, manufactures a range of lotions, creams, gels, powders, liquids and soaps.
The decision to shut down the Stiefel facility came on the back of underutilised capacity across both Stiefel and GSK sites, said the company. It bought Stiefel to gain remedies for skin ailments such as acne and psoriasis, and agreed to pay up to US$3.6 billion for it - with US$2.9 billion paid in cash with a potential further US$300 million cash payment depending on future performance. The acquisition also saw GSK assume a net debt of US$400 million.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>GSK to shut underused Stiefel Lab factory
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<SCRIPT type=text/javascript src="http://s7.addthis.com/js/250/addthis_widget.js#pub=xa-4ae026ba0e05c08d"></SCRIPT><SCRIPT type=text/javascript> var addthis_config = { username: "xa-4ae026ba0e05c08d", services_compact: 'facebook, twitter, favorites, myspace, google, digg, live, delicious, stumbleupon, more', services_exclude: 'print', data_use_flash: false } </SCRIPT> <!-- AddThis Button END --></TD></TR></TBODY></TABLE>GLAXOSMITHKLINE plc (GSK) will close down Stiefel Laboratories' manufacturing facility in Singapore by 2013 due to under-utilisation, the pharmaceuticals giant said yesterday. The factory had come under GSK's ownership in July this year through its acquisition of the US skincare specialist. About 100 workers will be affected by the move. GSK said its employees would be offered financial compensation, training opportunities and outplacement support. It will also gradually shift production to alternative sites. At present, the site, which was established in 1994, manufactures a range of lotions, creams, gels, powders, liquids and soaps.
The decision to shut down the Stiefel facility came on the back of underutilised capacity across both Stiefel and GSK sites, said the company. It bought Stiefel to gain remedies for skin ailments such as acne and psoriasis, and agreed to pay up to US$3.6 billion for it - with US$2.9 billion paid in cash with a potential further US$300 million cash payment depending on future performance. The acquisition also saw GSK assume a net debt of US$400 million.
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