UPDATE 1-Albany Molecular to close Hungary unit, cut 100 jobs
March 21 (Reuters) - Albany Molecular Research Inc said it will close its Budapest, Hungary facility, effective March 30 and cut 100 jobs.
The company, which provides contract research and manufacturing services to pharmaceutical and biotechnology firms, expects to complete the restructuring in the second quarter.
As of Jan. 31, 2012, Albany Molecular, which has posted net losses for the last six quarters, had 1,389 employees, according to a regulatory filing.
The company had also announced job cuts in December last year and had expected to save about $10 million to $11 million a year.
Albany Molecular shares, which have lost more than a third of their value in the last one year, closed at $2.71 on Wednesday on the Nasdaq.