The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations
306 jobs Number of planned job losses
Announcement Date
26 May 2015
Employment effect (start)
26 May 2015
Foreseen end date
31 December 2016
Description
German drug producer Sandoz is planning to close its plant located in the Höchst industrial Park in Frankfurt by the end of 2016. Around 300 employees will be affected by the planned closure. According to the company this restructuring is due to the high competition from the Asian market. Sandoz will no longer produce under a contract manufacturing scheme as of 2016. Furthermore, the company will move its production activities to its Austrian plant in Kundl. The job reduction will also include the transfer of employees to other plants, early retirement scheme or severance payments.
Sandoz is a subgroup of Novartis International, a Swiss multinational pharmaceutical company based in Basel. Novartis was founded in 1996 from a merger of the two former Basel pharmaceutical and chemical company Ciba-Geigy and Sandoz.
Sources
26 May 2015: Frankfurter Allgemeine Zeitung (online)
20 May 2015: Frankfurter Rundschau (online)
Citation
Eurofound (2015), Sandoz, Closure in Germany, factsheet number 83842, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83842.
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