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10/07/2002
Élan to review $60m investment in Macroom plant
Élan are to review their plans to invest $60 million at the former GSI plant at Macroom in County Cork.
Élan announced in April that it planned to create 300 jobs in the town through the development of a plant to produce a drug to treat Multiple Sclerosis and Crohn's Disease. At the time, the company said that the plant would be operational by 2005.
However, an Élan spokesman said today that the project was now likely to be reviewed in light of the company's "significant" re-structuring plans. These plans involve raising $1 billion by selling assets and reducing its operating costs.
The spokesman said the review would be completed by the end of the month.
The company's share price has collapsed by 95% over the past year and the company is now worth less than €1 billion according to the latest share prices.
(MB)
Élan announced in April that it planned to create 300 jobs in the town through the development of a plant to produce a drug to treat Multiple Sclerosis and Crohn's Disease. At the time, the company said that the plant would be operational by 2005.
However, an Élan spokesman said today that the project was now likely to be reviewed in light of the company's "significant" re-structuring plans. These plans involve raising $1 billion by selling assets and reducing its operating costs.
The spokesman said the review would be completed by the end of the month.
The company's share price has collapsed by 95% over the past year and the company is now worth less than €1 billion according to the latest share prices.
(MB)
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