Report: Baxter to shutter Colorado plant

Baxter (NYSE:BAX) is reportedly planning to shutter a plant in Englewood, Colo., over the next year.

“Baxter has informed employees in its [Douglas County] … facility of the company’s plans to exit the facility over the next 12 months to enable effective deployment of the company’s product portfolio in order to best meet the needs of patients,” spokesman John O’Malley told the Denver Business Journal. “With this decision, our primary goal is to minimize the disruption to the customers and the patients that we serve, and support our employees through the change. Some employees will work remotely or relocate to other Baxter facilities. Baxter is still evaluating where the manufacturing currently taking place will transition to.”

The plant employs about 400 workers, according to the newspaper.

Last October, Deerfield, Ill.-based Baxter said it planned to cut about 1,400 jobs by the end of the year, or about 5% of its non-manufacturing workforce, with about ⅔ of the job cuts planned for outside the U.S.

In February Baxter reported 4th-quarter profits of $205 million, or 37¢ per share, on sales of $2.60 billion, for a profit decline of -78.5% on a -6.7% top-line decrease compared with Q4 2014. Adjusted to exclude 1-time items, earnings per share were 43¢, more than a dime ahead of Wall Street analysts’ 32¢ consensus.

Full-year profits slid -61.2% to $968 million, or $1.76 per share, on sales of $9.97 billion, for a -7.0% decline in revenues compared with 2014. Adjusted EPS came in at $1.38, a full 12¢ ahead of The Street.

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