Endo finds buyer for Charlotte manufacturing plant
The facility, which is operated by Endo’s Qualitest Pharmaceuticals subsidiary, has been earmarked for closure since May when the Irish drug manufacturer announced a wide ranging restructuring programme.
Last week Endo announced that 282 workers employed at the plant will be made redundant in a WARN notice filed with the North Carolina department of commerce.
An Endo spokeswoman told us “we’ve actually entered into a formal agreement to sell the facility, signed earlier this week and, as part of the agreement, the new buyer has committed to retain 125 current employees.”
She declined to share details of the price or the buyer.
Restructuring
Endo is also making changes at a second Qualitest facility in Huntsville, Alabama.
Speaking last year CEO Paul Campanelli said: “This restructuring is an acceleration of our ongoing integration and broader optimization efforts designed to prioritize and grow high-value, durable assets. It is entirely consistent with all our integration activities to date.
“The restructuring will affect our manufacturing sites in Charlotte and in Huntsville, and will result in more than 60 product discontinuations,” he continued, adding the cuts would be completed by the third quarter next year and will result in around $60m of savings by Q4 2017.
