Drug and healthcare products giant GlaxoSmithKline PLC (GSK.LN) said Wednesday it plans to sell its Horlicks drinks brand in the U.K. and cut around 320 jobs in the country.
Glaxo said it will seek to sell the Horlicks brand in the U.K. and close the site in Slough, England where the malted drink is made.
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It also plans to sell its MaxiNutrition brand in the U.K. and outsource some manufacturing activities currently undertaken at its site in Worthing, England.
The combined annual U.K. sales of Horlicks and Maxi Nutrition are around 30 million pounds ($39 million), Glaxo said. Glaxo also sells Horlicks in other markets, including India.
The proposed sales and outsourcing are likely to result in 320 job losses over the next four years, the company said.
Glaxo also said it will invest more than GBP140 million in U.K. sites focused on respiratory and HIV medicines but won't proceed with a previously planned biopharmaceutical facility in Ulverston, England.
None of the decisions are related to the U.K.'s vote to leave the European Union, Glaxo said.
At 1217 GMT, Glaxo shares were up 9 pence, or 0.6%, at 1,609 pence, valuing the company at GBP79.16 billion.
-Write to Rory Gallivan at email@example.com, Twitter: @RoryGallivan
(END) Dow Jones Newswires
July 19, 2017 08:44 ET (12:44 GMT)