AMRI (AMRI) to Close Bothell Site
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Price: $11.08 +1.19%
EPS Growth %: +1,050.0%
Financial Fact:
Cost of contract revenue: 37.82M
Today's EPS Names:
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EPS Growth %: +1,050.0%
Financial Fact:
Cost of contract revenue: 37.82M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade AMRI Now!
AMRI (Nasdaq: AMRI) announced today that as a next step in its SMARTSOURCING strategy it has taken further actions to expand and better integrate its in vitro biology services with its total drug discovery service platform.
As a result of shifting market preferences related to integrated drug discovery activities, AMRI will further optimize its location footprint by closing its Bothell, WA site. The site's biology capabilities will transition to AMRI's fully integrated discovery location in Singapore and certain analytical capabilities will consolidate into AMRI's analytical quality group in Albany, N.Y. The Bothell, WA location employs 24 people.
AMRI estimates that it will incur certain one-time cash and non-cash charges related to the reduction in force and other transition activities of approximately $11 million, of which approximately $5 million in non-cash charges will be incurred in the fourth quarter. AMRI expects the actions announced today will generate annual savings of approximately $2 million. Further details will be available in a Form 8-K filing.
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As a result of shifting market preferences related to integrated drug discovery activities, AMRI will further optimize its location footprint by closing its Bothell, WA site. The site's biology capabilities will transition to AMRI's fully integrated discovery location in Singapore and certain analytical capabilities will consolidate into AMRI's analytical quality group in Albany, N.Y. The Bothell, WA location employs 24 people.
AMRI estimates that it will incur certain one-time cash and non-cash charges related to the reduction in force and other transition activities of approximately $11 million, of which approximately $5 million in non-cash charges will be incurred in the fourth quarter. AMRI expects the actions announced today will generate annual savings of approximately $2 million. Further details will be available in a Form 8-K filing.
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