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CAMBRIDGE BIOTECH CORPORATION TO CONSOLIDATE U.S. MANUFACTURING OPERATIONS; EXPAND OPERATIONS IN IRELAND

CAMBRIDGE BIOTECH CORPORATION TO CONSOLIDATE U.S. MANUFACTURING OPERATIONS;
 EXPAND OPERATIONS IN IRELAND
 WORCESTER, Mass., Oct. 1 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ: CBCX) today announced its intention to consolidate the manufacturing activities currently carried out in Rockville, Md. into the Worcester, Mass., and Galway, Ireland sites. The consolidation, which will occur in phases over the next twelve months, will result in an immediate reduction in the work force at the Rockville site of approximately 25 positions. When finally implemented, there will be a total net reduction of 60 positions and the elimination of a significant amount of structural overhead. A one-time restructuring charge will be taken in the third quarter to reflect the impact of this consolidation.
 Commenting on this change, CBC Vice President-Finance and Chief Financial Officer Peter P. Hartman said, "CBC's strategic growth objectives will best be served by a single manufacturing site in the United States and one in Europe. This is a continuation of the process which began with the merger of Cambridge BioScience Corporation and Biotech Research Laboratories, Inc. We believe that this action will ultimately have a beneficial impact on margins." The Company recently opened a new, 40,000 square-foot state-of-the-art manufacturing and distribution facility at the Mervue Industrial Estate in Galway. This facility was officially opened last week by Ireland's Minister for Tourism, Transportation and Communications, as well as representatives of the Irish Development Authority.
 Cambridge Biotech Corporation is a leading diagnostics and therapeutics company involved in infectious diseases. The company is developing vaccines, adjuvants and diagnostics for humans and animals.
 -0- 10/01/92
 CONTACT: Peter P. Hartman, vice president-finance and CFO of Cambridge Biotech, 508-797-5777
 (CBCX) CO: CAMBRIDGE BIOTECH IN: MTC ST: MA -- NY012 -- X931 10/01/92
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 1, 1992
Words:287
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