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May 26, 2010
Albany Molecular Cuts - In the US, Anyway
From their press release:
". . .As part of its strategy to increase global competitiveness and remain diligent in managing its costs, the company is also implementing significant cost reduction activities at its operations in the US. . .AMRI is reducing its US workforce by approximately 10%, or an estimated 80 jobs. This includes currently open positions that the company is not filling at this time.. . .Further, the company is suspending operations at one of its research laboratory facilities in Rensselaer, New York. Employees and equipment will be consolidated into nearby AMRI locations.
. . .These actions reflect the focus by our customers on cost of services amid a highly competitive environment coming primarily from Asia. This has led to a continued shift in demand for AMRI's services from the US to lower cost resources in Asia and Europe. While we remain cautiously optimistic about a return in demand for contract research outsourcing by the biopharmaceutical industry, softness in the US market has extended beyond our expectations. . .
AMRI's whole reason for starting was to save other companies money on chemical services. Given that, it's no surprise that they've been feeling the pressure in recent years, and the economic conditions out there must really be cranking things up. I hope that they're right about a return in demand - but I'm not so sure that there's going to be much of a return in demand at the prices that they used to get.
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