GSK Says Its 'Too Early' To Asses Joint Venture's Impact On Irish Jobs
GlaxoSmithKline (GSK) said that it is “far too early” to comment on the recently announced joint venture’s impact on Irish jobs, according to the Irish Independent. The merger, announced yesterday,...
GlaxoSmithKline (GSK) said that it is “far too early” to comment on the recently announced joint venture’s impact on Irish jobs, according to the Irish Independent.
The merger, announced yesterday, is expected to close in the second half of next year.
Far Too Early
"The separation is expected to take place within three years of this so we will have a lot of time to understand the implications, if any, for our sites in Ireland," a spokesperson for GSK said.
“It’s too early to comment on whether there will be any local impact as the closing of this transaction between Pfizer and GSK is subject to customary closing conditions, including required antitrust [competition] approvals and receipt of cost shareholder approval.”
GSK employs up to 1,700 people across Ireland. In August, it announced plans to close its Sligo site by 2021, which is expected to cut 165 jobs.
However, it said that GSK staff in Co. Cork will be mostly unaffected, as they are part of the firm’s pharmaceutical division.
GSK plans to split into two businesses - one for prescription drugs and vaccines, the other for over-the-counter products - after forming a new joint venture with Pfizer's consumer health division.
The two companies agreed to the joint venture that would see them combine their consumer health businesses in a joint venture with sales of £9.8 billion.
68% of the joint company will be owned by GSK.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.