The stock of Mylan NV (NASDAQ:MYL) closed at $40.78 gaining 0.15% in yesterday’s trading session. This pharmaceutical company remains firm on its resolution to lay of almost 15 percent of its employees in Morgantown, W.Va.
The business guru in its most recent statement got more specific to outline that a significant chunk of the layoffs would be undertaken in its operations division. A person well conversant with the matter has disclosed that the company will be left with about 3,000 employees in West Virginia after undertaking the layoff exercise. The long and short of it is that Mylan outshines rivals as being one of the state’s top employers.
An official working with the company agrees that the industry has embraced change in a major way lately. The other point worth noting is the fact that with the passage of time the regulatory expectations have continued to evolve and the major focus at this point in time has to do what it takes to ensure the right-sizing of the Morgantown plant so that it eventually becomes less complex.
He delved deeper into the matter to talk about the right-sizing asserting that there is need for it to be consistent the ongoing discussion with the U.S. Food and Drug Administration .According to him, there is great need to ensure continued operations in the site.
Jim Justice, who happens to be the West Virginia Governor, has come out to clearly outline that the state has been doing all within its means to ensure that it gives a listening ear to all the affected employees as well as assisting them in the best possible ways.
Justice opined, “I am happy to hear they’re keeping their research and development operations here, and we hope they will see the goodness and opportunities that West Virginia presents and that in the future they will be able to build on that and add to their workforce in our state again.”
It goes without saying that it will a grueling job hunting exercise on the part of the layoffs .Whether or not the company has any plans for all those that it will be laying of will be disclosed in its next statement.