Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Sun Pharmaceuticals to close Unit Caraco's Detroit manufacturing plant

May 02 2014, 22:23 IST
Comments 0
SummarySun Pharma expects negligible impact of this development on its FY15 consolidated revenue.

Drug major *Sun Pharmaceuticals Industries will close its facility at Detroit as part of a manufacturing consolidation process in the US.

The Workforce Development Agency for Michigan state has been notified about the decision to stop operations and close the Detroit plant, which belongs to subsidiary Caraco Pharmaceutical Laboratories, Sun Pharma said in a statement.

The generic drugmaker recently inked a USD 3.2 billion deal to buy * Ranbaxy Laboratories Ltd .

"The company has provided the requisite advance written notice of the facility closure to the employee union and all affected employees," it added.

Impacted employees will get compensated with more than their regular entitlement under the severance package, the Mumbai-based firm said.

"They will also receive other support services, including out-placement assistance. The rest of the employees are continuing through mutually consented arrangements," it added.

The firm said it has undertaken measures to ensure business continuity of products made at the plant.

"The manufacturing of these products is being transferred to other units and all necessary steps have been taken to avoid market shortage," it added.

Sun Pharma expects negligible impact of this development on its FY15 consolidated revenue, it added.

Sun Pharmaceuticals shares closed at Rs 630 on the BSE, down 0.25 per cent.

TAGS:
Ads by Google

More from Companies

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...