Serologicals (NASDAQ:SERO)
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Serologicals Corporation (NASDAQ:SERO) today announced
two actions related to its ongoing plant consolidation and
rationalization initiative. As part of this process the company
continues to focus on reducing ongoing operating costs while improving
the productivity and efficiency of its facilities, supply chain
management activities as well as overall customer service.
Accordingly, the Company has decided to close its facility in
Toronto, Ontario Canada and move all manufacturing of its cell culture
products to Kankakee, Illinois. This action is currently projected to
occur during the first half of 2006. The Toronto facility will be
written down to net realizable value as part of the closing and this
will be included in the Company's fourth quarter financial results for
2005. The facility will be prepared for sale.
The Company continues to see increased demand for its patented
cell culture product, EX-CYTE(R). In addition, during the past six
months, the Company has successfully expanded its production capacity
at its Kankakee facility by more than 50% and now can meet both
current and anticipated demand for EX-CYTE(R) with the Kankakee
location. Further process improvements have also been identified that
will expand capacity to over 100,000 liters per year. As a result of
these developments, the Company has decided that it will not open the
Lawrence facility as originally anticipated. The Lawrence facility
will also be written down to net realizable value as part of the
Company's fourth quarter 2005 financial results and the plant will
also be prepared for sale.
"While these are very difficult decisions, we feel these actions
are necessary to enable the Company to be more competitive in our
marketplace, will enable us to better serve our customers and will
enhance the long term profitability of the corporation," said David A.
Dodd, President and Chief Executive Officer of the Company.
Serologicals Corporation (NASDAQ: SERO), headquartered in Atlanta,
GA., is a global leader in developing and commercializing consumable
biological products, enabling technologies and services in support of
biological research, drug discovery, and the bioprocessing of
life-enhancing products. Our customers include researchers at major
life science companies and leading research institutions involved in
key disciplines, such as neurology, oncology, hematology, immunology,
cardiology, proteomics, infectious diseases, cell signaling and stem
cell research. In addition, Serologicals is the world's leading
provider of monoclonal antibodies for the blood typing industry.
Serologicals employs a total of more than 1,000 people worldwide
in three Serologicals' companies: Chemicon International,
headquartered in Temecula, California, Upstate Group, LLC,
headquartered in Charlottesville, Virginia and Celliance Corporation,
headquartered in Atlanta, Georgia.
For more information, please visit our website:
www.serologicals.com.