Martek Expects Growth With Restructuring Plan, Including Layoffs
This article was originally published in The Tan Sheet
Executive Summary
Martek Biosciences continues to push its growth with a new restructuring plan that should make it leaner and meaner, according to an Oct. 26 release
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Martek trims Kentucky operations
Martek Biosciences reduces its Winchester, Ky., workforce by about 45 people, nearly half its staffing at the facility, to offset infant formula price reductions, streamline operations and improve use of manufacturing capacity. Some manufacturing and distribution will move to Martek's Kingstree, S.C., site from Winchester, which lost about 100 workers during a 2006 restructuring (1"The Tan Sheet" Oct. 30, 2006). Martek expects to incur a non-cash asset impairment charge from the restructuring of $30 million to $40 million in the second half of its fiscal 2010. The Columbia, Md., nutritional oils firm said June 30 it plans to continue operations in Winchester, but potentially may sell or lease part of the facility
Martek trims Kentucky operations
Martek Biosciences reduces its Winchester, Ky., workforce by about 45 people, nearly half its staffing at the facility, to offset infant formula price reductions, streamline operations and improve use of manufacturing capacity. Some manufacturing and distribution will move to Martek's Kingstree, S.C., site from Winchester, which lost about 100 workers during a 2006 restructuring (1"The Tan Sheet" Oct. 30, 2006). Martek expects to incur a non-cash asset impairment charge from the restructuring of $30 million to $40 million in the second half of its fiscal 2010. The Columbia, Md., nutritional oils firm said June 30 it plans to continue operations in Winchester, but potentially may sell or lease part of the facility
Martek trims Kentucky operations
Martek Biosciences reduces its Winchester, Ky., workforce by about 45 people, nearly half its staffing at the facility, to offset infant formula price reductions, streamline operations and improve use of manufacturing capacity. Some manufacturing and distribution will move to Martek's Kingstree, S.C., site from Winchester, which lost about 100 workers during a 2006 restructuring (1"The Tan Sheet" Oct. 30, 2006). Martek expects to incur a non-cash asset impairment charge from the restructuring of $30 million to $40 million in the second half of its fiscal 2010. The Columbia, Md., nutritional oils firm said June 30 it plans to continue operations in Winchester, but potentially may sell or lease part of the facility