Bristol-Myers Squibb Announces Closing of Its Barceloneta, Puerto Rico Plant
BARCELONETA, PUERTO RICO (January 18, 2008) -- Bristol-Myers Squibb Company (NYSE:BMY) announced today it will cease operations at its Barceloneta manufacturing plant by the end of 2008.
The closure of the Barceloneta site is a result of the decrease in market demand for a number of the mature products produced at the site and the optimization of the companyâ€™s manufacturing network.
The decision to cease operations at the site aligns with the companyâ€™s transformation to a biopharmaceutical company and its continuous improvement efforts aimed at enhancing the company's efficiency, effectiveness and competitiveness as it improves its cost base.
â€œAs a biopharmaceutical company focused on growth areas, such as specialty medicines and biologics, we are committed to optimizing our global manufacturing network to ensure we meet the pipeline needs of the company and position Bristol-Myers Squibb for strong long-term growth and success,â€ said Carlo de Notaristefani, president of Technical Operations.
â€œWhile we continue to look for ways to bring greater efficiency to our operations and reduce costs throughout the company, we are also investing behind our pipeline, which continues to yield important new therapies for patients. This includes investments in our other Puerto Rico sites at Humacao and Manati,â€ he added.
The Bristol-Myers Squibb Barceloneta plant commenced operations in 1970. Operations will be phased out through 2008. The closure of the site will impact approximately 225 individuals.
The company will continue to have a presence in Puerto Rico with manufacturing operations in Humacao and Manati.
Bristol-Myers Squibb is a global biopharmaceutical and related health care products company whose mission is to extend and enhance human life.