Cody Labs to Lay Off 1/3 of Workforce
Written by Andrew-Rossi on July 2, 2018
A company that earlier this year seemed to be making strides that would help grow Cody’s economy has instead taken a turn away from investing in this community.
The company that owns Cody Labs announced last week that it would be laying off about 50 workers, transferring production of finished dosage liquid pharmaceuticals to its facility in Carmel, New York. That amounts to over 1/3 of the workforce at Cody Labs.
Just last year, Lannett Company pledged to invest millions of dollars to their Cody facility, breaking ground on a new manufacturing site on Road 2AB. But earlier in 2018, construction on that project came to a halt, with no timeline set to resume work.
Tim Crew, chief executive officer of Lannett Company, attributed the reversal to the change in the regulatory and competitive landscape for pain management APIs. However, in a statement released on Friday, Crew says that the company remains committed to investing in Cody’s operations, but will do so in a quote, “more targeted and selective manner,” endquote.
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