P.M. BRIEFING : Upjohn to Close Conn. Plant
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KALAMAZOO, Mich. — Upjohn Co. said today it will take an after-tax restructuring charge of about $200 million in the fourth quarter to pay for closing down a chemical plant and other costs.
The pharmaceuticals company said it will scale back production at its North Haven, Conn., Fine Chemical plant, beginning in 1990, as a first stage in a three-year phase-out of the operation. It also will record a number of other non-recurring charges, including the estimated cost of a previously announced early retirement plan for U.S. employees.
“These charges primarily reflect steps we are taking to become more competitive in our core pharmaceutical business,” Chairman Theodore Cooper said in a statement. “They will make us a stronger company in 1990 and beyond.”
Kalamazoo, Mich.-based Upjohn said it plans to sell its industrial chemical product lines and technologies during 1990.
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