Bristol-Myers Squibb Announces Closing Of Its ColÃ³n, Panama Manufacturing Facility
COLÃ“N, PANAMA, December 4, 2007 -- Bristol-Myers Squibb Company (NYSE:BMY) announced today it will cease operations at Bristol Laboratories International Sociedad AnÃ³nima, a secondary packaging facility in ColÃ³n, Panama, by the middle of 2008.
The closure of the ColÃ³n facility aligns with the companyâ€™s strategy to optimize its supply chain. The decision is also a result of the decreased market demand for the mature products packaged at the site.
The closing of the ColÃ³n site will further enable Bristol-Myers Squibb to focus on its strategic priorities and ensure that we continue to invest behind our pipeline and new products to fuel our growth.
â€œBristol-Myers Squibb is continuing to identify ways to operate more efficiently and reduce our cost base as we boost investment in our promising pipeline and continue to bring our innovative therapies to patients. Focusing our manufacturing, packaging and distribution operations on fewer, specialized sites is one way we can bring greater efficiencies to our network,â€ said Carlo de Notaristefani, president of Technical Operations.
â€œThe companyâ€™s long-term focus is to transition toward a more flexible, responsive and dynamic next-generation biopharma model that brings value to shareholders and positions us for future growth,â€ he added.
The Bristol-Myers Squibb ColÃ³n facility commenced operations in 1959 and performs secondary packaging operations for the companyâ€™s pharmaceutical and ostomy products. Packaging operations will be phased out as products are transferred to other facilities. Ninety-eight positions will be affected.
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.