The Olds Banner Pharmacaps plant will be sold to a Calgary-based supplements company.
The Olds Banner Pharmacaps plant will be sold to a Calgary-based supplements company.
Patheon Inc., a pharmaceutical company headquartered in North Carolina that bought Banner in December for $255 million US, announced on Sept. 27 that it has reached an agreement with Advanced Orthomolecular Research for the sale of the Banner plant.
The sale is expected to close on Oct. 31.
Patheon had announced in March that it will permanently close the Olds plant on Oct. 31.
The plant, which has operated in Olds for 32 years and develops and manufactures soft gel pharmaceutical and nutritional products, employed more than 100 people at the time the closure was announced.
As of Sept. 27, 105 people were working at the plant.
At the time of the closure announcement, Patheon's chief administrative officer, James Mullen, said the closure is part of a company-wide downsizing effort to make its operations more cost-effective and efficient and will save the company roughly $8 million.
According to its website, Advanced Orthomolecular Research creates health supplements.
"At Advanced Orthomolecular Research our mission is to provide discerning consumers with the highest quality, scientifically supported natural health products," the website states.
The Olds Albertan has not yet been able to reach Patheon or Advanced Orthomolecular Research for comment and it is unknown if the sale of the Banner plant in Olds will preserve the jobs of those currently working at the plant.
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