Stiefel Labs Update
Posted: Fri Nov 20, 2009 12:43 pm
As many residents of Northeastern Catskills know that Stiefel Labs is closing. They were bought out by GlaxoSmithKline back in July of 2009. The closing will wipe out 250-300 jobs. There are still some delusional people who believe that they can convince GSK to stay. According to some sources, the decision to shut down the plant long ago. Many believe that a majority of the layoffs will occur in the next 60 days. This will be devastating to the community. Stiefel Labs had revenue of approximately 900 million dollars per year. The company was sold for 3.6 billion dollars. Durham collects a significant amount of taxes from this property. There are also some rumors that the property will be leveled. Another rumor is that the building will be stripped and the shell will be sold. In any event, the Town of Durham and the Cairo/Durham school district will be significantly impacted.
It is also alleged that GSK is threatening to withdraw any severance pay from employees who talk to outsiders.
It is also being reported that some former employees of Stiefel Labs are suing for stock manipulation of approximately 226 million dollars. The suit alleges that the company convinced up to 200 employees to sell back their shares of stock a 1/4 of their value just prior to the purchase by GSK. You can read more of the details here: http://www.tradingmarkets.com/.site/new ... s/2412088/
It is also alleged that GSK is threatening to withdraw any severance pay from employees who talk to outsiders.
It is also being reported that some former employees of Stiefel Labs are suing for stock manipulation of approximately 226 million dollars. The suit alleges that the company convinced up to 200 employees to sell back their shares of stock a 1/4 of their value just prior to the purchase by GSK. You can read more of the details here: http://www.tradingmarkets.com/.site/new ... s/2412088/