Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) Pharmaceutical Industries Ltd. (“Taro,” the “Company,” Pink Sheets: TAROF) will stop its manufacturing operations at its Ireland facility.
The company said today that it plans to discontinue those activities at the sterile manufacturing facility of its Irish subsidiary, Taro Pharmaceuticals Ireland Limited, in Roscrea, Ireland, by the end of March.
The company said that the discontinuance of manufacturing operations will impact about 30 employees at the facility. Taro added that "it is no longer in the best interests of the company or its shareholders to continue to incur losses at the facility or make the significant capital investments that would be required to achieve the level of operating efficiency found at Taro’s other manufacturing facilities."
Taro expects the discontinuance of operations, after related one-time expenses, is expected to improve the company’s earnings and cash flow almost immediately. Taro Ireland plans to continue to maintain the physical plant in good condition.
Taro shares closed yesterday at $10.32. The share price has risen from $8.88 so far in 2010.
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2010
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