Albany Molecular Silent on Job Cuts at U.S. Operations
Albany Molecular silent on job cuts at U.S. operations
[Times Union (Albany, NY)]
Published Date: December 24, 2011 05:37:00 AM EST
Author: By Eric Anderson, Times Union, Albany, N.Y.
Dec. 24--ALBANY -- Albany Molecular Research Inc. is cutting jobs at its U.S. operations, but where those reductions will occur and how soon weren't clear Friday, a day after the contract research and development company disclosed the restructuring.
AMRI has been struggling in recent months, although it has made some progress in reducing costs and narrowed its third-quarter loss to $5.9 million from $9.9 million a year earlier.
The announcement of additional job cuts -- it trimmed 20 jobs in the Capital Region last March -- came at the end of the day on Thursday. Calls to AMRI officials on Thursday and Friday weren't returned.
At least some of the layoffs may have come at the company's Burlington, Mass., plant, where one employee said a number of employees had left within the past year.
The company said in its third quarter earnings report that it was ending internal research and development activities, although it didn't say how many employees might be involved in those actions.
It also is terminating the lease at one of its plants, AMRI said.
The moves will save $10 million to $11 million a year. AMRI said it would take a $5 million to $6 million charge in the fourth quarter related to the costs of terminating the lease and employee severance costs.
Shares (Nasdaq: AMRI) fell 8 cents Friday to close at $2.77.
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Posted: December 2011