|A Black Hole of Despair |
Devouring Our Dreams In the Night
Here is another sad tale of the ever-vanishing value* of Puerto Rico:
Three Pharmaceutical Companies to Close Plants in Puerto Rico
Abbott Laboratories ($ABT) is cutting jobs, with plans to whack a plant in Puerto Rico. The company just won't say how many jobs are on the chopping block. Abbott spokesman Scott Stoffel mentioned plans to close a manufacturing plant in Barceloneta in mid-2015. Abbott has about 1,500 employees across the island.
The plant closure is another tough hit for that part of Puerto Rico. In November, Pfizer ($PFE) said it would shutter a plant in Barceloneta by 2017 but couldn't say how many employees will lose jobs as a result. It has three plants and about 2,700 employees on the island.
At about the same time, Merck ($MRK) said it would cease production at an active pharmaceutical ingredient plant in Barceloneta late in 2014 and move the formulation and packaging done at the facility to a contractor. It also intends to move formulation operations at its plant in Arecibo to its Las Piedras facility, and all of that work will go to a contractor by the end of 2016, it said.From FiercePharma.
wealth destruction = less wealth ≈ less value