16th Aug 2018 16:56
LONDON (Alliance News) - GlaxoSmithKline PLC said Thursday it will cease operations and close its Sligo plant in Ireland, affecting 165 employees.
The pharmaceutical giant said it will phase down production over three years, with the site's decommissioning expected in 2021.
Glaxo said the decision to close the plant was due to the fact demand for products made on site has not grown in line with the company's expectations, making "the current business model unsustainable".
"We have not made this proposal lightly. We thoroughly evaluated a number of alternatives for the Sligo site, none of them were considered feasible without significant further investment," the company, which operates in other two manufacturing sites in Ireland, added.
GlaxoSmithKline shares closed 1.2% higher at 1,610.00 pence each on Thursday.
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