Albany Molecular cutting jobs in domestic operations
Written on January 3, 2012 by Maragaret Harrison
Albany Molecular Research Inc. said late Thursday that it will cut jobs primarily in its domestic operations during the fourth quarter as it winds down all of its internal research and development activities. It also said it wold terminate the lease of one of its U.S. plants, although it didnt identify which one.
The company also didnt say how many jobs would be cut in this latest round of downsizing.
It expects to save $10 million to $11 million annually from the reductions. It will tax a restructuring charge of $5 million to $6 million in the fourth quarter.
AMRI lost $5.9 million in the third quarter ending Sept. 30, compared to a loss of $9.9 million a year earlier. In March, the company cut 20 jobs in the Capital Region. At that point, it employed about 640 people locally and 1,400 worldwide. Shares (Nasdaq: AMRI) gained 5 cents to close at $2.85.
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