As part of a cost-cutting plan that will save $11 million to $15 million a year, Millipore is closing a plant in Lincoln Park, NJ and another in Nodinge, Sweden. The plant closures will be accompanied by 140 job cuts, and Millipore said it may close two more plants in the UK.
The downsizing is the result of falling revenue in the company's bioprocess division, which supplies the drug manufacturing industry and accounts for 40 percent of Millipore's business. After several major acquisitions, Millipore announced last year that it would increase its offering to drug manufacturers.
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