GlaxoSmithKline plans to close its Australian drug
2022-10-15- Detail
GlaxoSmithKline plans to close its Australian drug packaging plant. British pharmaceutical giant GlaxoSmithKline (GSK) announced on Wednesday that it plans to close a tablet packaging plant in Australia and cut 120 employees there, thereby joining the list of manufacturers that shut down and cut jobs in response to rising labor costs and the rise in the value of the Australian dollar, and moved their production to other countries
GlaxoSmithKline said that the factory in Melbourne will now focus on producing more professional products, such as packaging of respiratory therapy drugs and sterile containers of drugs
a spokeswoman of the company said that a production plant in Sydney would not be affected. The CEO said that Bayer would be a pure life science company and would be affected by the closure of the Melbourne plant. She said that the Sydney plant had been restructured a year and a half ago, thereby improving efficiency
Australia's manufacturing industry has been declining for a long time, partly due to the appreciation of the Australian dollar by Heim and Constantine. The exchange rate of the Australian dollar against the US dollar (0.9777, -0.0026, -0.27%) has been at a level close to a 30-year high for more than two years, which has seriously weakened Australia's export competitiveness. As a result, the share of manufacturing in the Australian economy has fallen from 30% in the 1950s to about 7% today
earlier this month, the Bank of Australia unexpectedly announced that it would reduce the key interest rate to a record low of 2.75%. Since then, the Australian dollar has depreciated by 5%. However, the exchange rate of the Australian dollar against the US dollar is still around 98 cents, much higher than the 60 cents after the outbreak of the global financial crisis at the end of 2008
due to the appreciation of the Australian dollar and the fierce competition in the local auto market, the Australian subsidiary of General Motors (GM) announced last month that it would cut 500 jobs, equivalent to about 12% of its total employees. In addition, Coca Cola amatil, a distributor of Coca Cola (KO) in Australia, and Casella wines, a wine manufacturer, recently warned that the strength of the Australian dollar had weakened the competitiveness of their products in overseas markets, thereby damaging their profits
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