AMRI Albany Molecular Research, Inc.

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 2, 2015

ALBANY MOLECULAR RESEARCH, INC.
(Exact Name of Registrant as Specified in Charter)

 

Delaware	000-25323	14-1742717
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

26 Corporate Circle, P.O. Box 15098, Albany, NY	12212
(Address of principal executive offices)	(Zip Code)

 

Registrant’s telephone number, including area code: (518) 512-2000

 (Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below) :

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.05    Costs Associated with Exit or Disposal Activities

 

On April 2, 2015, the Company announced a restructuring plan with respect to certain operations in the United Kingdom. In connection with the restructuring plan, the Company expects to cease all operations at its Holywell, UK facility effective December 31, 2015. AMRI estimates that it will incur certain one-time cash and non-cash charges related to the reduction in force and other transition activities between $6.2 -$7.2 million, which includes $3.2 -$3.7 million in non-cash fixed asset impairment charges.  Cash charges will consist of $3.0 -$3.5 million for employee and other related costs and will primarily be paid during the second half of 2015.  The Company expects the majority of these charges to be recorded in the first three quarters of 2015.   

 

Item 2.06    Material Impairments

 

The information required to be disclosed under this item is included in Item 2.05 above and incorporated by reference into this Item 2.06.

 

Item 7.01    Regulation FD Disclosure

 

On April 2, 2015, the Company issued a press release announcing its restructuring plan.  A copy of the press release is attached hereto and furnished herewith as Exhibit 99.1.

 

Item 9.01     Financial Statements and Exhibits.

 

(d)          Exhibits

 

99.1

Press release dated April 2, 2015

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: April 7, 2015	ALBANY MOLECULAR RESEARCH, INC.
	By:	/s/ Felicia Ladin
		Name: Felicia Ladin
		Senior Vice President, Chief Financial Officer and Treasurer

 

 

 

EXHIBIT INDEX

 

 

Exhibit No.	Description
99.1	Press Release dated April 2, 2015.

 

 

Exhibit 99.1

 

AMRI to Close Holywell, U.K. API Manufacturing Facility

 

Albany, NY (April 2, 2015) – AMRI (NASDAQ: AMRI) announced today that it has decided to close its Holywell, U.K. facility following a consultation process with employee representatives. The Holywell site provides chemical development services and small- and large scale-manufacturing services of active pharmaceutical ingredients (API) and intermediates.

 

“This was a difficult decision as it impacts team members who have made valuable contributions to AMRI,” said William S. Marth, AMRI President and Chief Executive Officer. “We will work diligently to ensure the closing of the Holywell facility goes as smoothly as possible for our customers and employees.”

 

AMRI will transition activities at the Holywell site to other facilities within the AMRI network and plans to cease operations at the site by the end of 2015. Closure of the site is expected to affect approximately 62 positions.

 

About AMRI
Albany Molecular Research Inc. (AMRI) is a global contract research and manufacturing organization that has been working with the Life Sciences industry to improve patient outcomes and the quality of life for more than two decades. With locations in North America, Europe and Asia, our key business segments include Discovery and Development Services (DDS), Active Pharmaceutical Ingredients (API), and Drug Product Manufacturing. Our DDS segment provides comprehensive services from hit identification to IND, including expertise with diverse chemistry, library design and synthesis, in vitro biology and pharmacology, drug metabolism and pharmacokinetics, as well as natural products. API Manufacturing supports the chemical development and cGMP manufacture of complex API, including potent, controlled substances, biologics, peptides, steroids, and cytotoxic compounds. Drug Product Manufacturing supports pre-clinical through commercial scale production of complex liquid-filled and lyophilized parenteral formulations. For more information about AMRI, please visit our website at www.amriglobal.com or follow us on Twitter (@amriglobal).

 

About AMRI API Manufacturing

With demonstrated success in large scale API Manufacturing, we offer the preeminence and scale to support the chemical development and cGMP manufacture of complex Active Pharmaceutical Ingredients (API). Our global manufacturing footprint, which also includes manufacturing in Europe and India, provides customers with access to global markets and low-cost manufacturing of APIs or intermediates. In addition, we have the skills and infrastructure to adequately provide complex API research and development, analytical support and support with global regulatory activities.

 

Contacts:
Investors – Patty Eisenhaur, AMRI Investor Relations, 518-512-2936

Media: Gina Rothe, AMRI Communications, 518-512-2512