Endo to shut Alabama operations, cut 18 percent of workforce

(Reuters) - Endo International Plc <ENDP.O> said on Friday it would shutter its manufacturing and distribution facilities in Huntsville, Alabama, resulting in a workforce reduction of about 18 percent.


The drugmaker, which employed 4,894 people as of Feb. 21, said it would layoff 875 employees and incur a pretax charge of about $325 million.


Endo said it would also suffer additional depreciation and impairment-related charges of about $255 million.


The facilities are expected to be shut in the next 12 months to 18 months.


Earlier in July, Endo agreed to withdraw its long-acting opioid painkiller Opana ER from the market after the U.S. Food and Drug Administration declared its benefit did not outweigh public health risks associated with opioid abuse.

Shares of Dublin, Ireland-based Endo were down marginally in premarket trading.

(Reporting by Divya Grover in Bengaluru; Editing by Martina D'Couto)

Latest From ...
Most Popular From ...