Schering to close plant
Executive Summary
Schering-Plough will effectively close its Manati, Puerto Rico manufacturing site by the end of 2006, the company announced June 1. The company also will make staff reductions at its facilities in Las Piedras, P.R., and New Jersey. A total of about 1,100 positions will be eliminated. Costs of the closures are expected to be between $235 mil. and $260 mil. Schering anticipates the reductions will create annual cost reductions around $100 mil. beginning in 2007...