Created on Friday, 04 October 2013 Written by THE ASSOCIATED PRESS
BEDFORD, Ohio (AP) — A northeast Ohio company that manufactured cancer drugs is closing, and more than 1,000 jobs will be lost.
Ben Venue Laboratories Inc. said Thursday it will stop production by the end of this year. The Bedford company says all 1,100 jobs will be phased out starting this month and continuing into next year.
The company voluntarily shut down two years ago due to quality problems at its factory. It said last October it had resumed limited drug manufacturing and was upgrading its facilities.
Ben Venue says the investment needed to sustain production isn't viable. It projected operating losses of about $700 million over the next five years.
Ben Venue is part of the Germany-based Boehringer Ingelheim family of companies.