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GlaxoSmithKline Shuts Australia Packaging Site

GlaxoSmithKline PLC (GSK) said it would close an Australian tablet-packaging facility and lay off 120 workers, joining a string of manufacturers that have shut factories, slashed jobs and relocated production overseas in response to high labor costs and a strong local currency.The U.K.-based pharmaceutical giant said the Melbourne plant would now focus on making more specialized products such as packaging for respiratory treatments and sterile containers for medicines.Manufacturing in Australia has been in long-term decline, in part because the Australian dollar has been at close to 30-year high against the U.S. dollar for more than two years, making exports uncompetitive. As a share of the economy, manufacturing stands at around 7%, down from 30% in the 1950s.The Aussie dollar has fallen 5% so far this month following a surprise rate cut by the country's central bank that took the nation's key interest rate to a record low 2.75%. But it is still trading at about 98 U.S. cents, compare...

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