Allergan to close plant in Iceland, lay off 300

Allergan ($AGN) Chairman Paul Bisaro has been quick to cut what he sees as redundant operations and people to help pay for his aggressive buying. Now, he has set his sights on the company's ancestry, with plans to whack a plant, and 300 jobs, in Iceland. Before its recent name change to Allergan, the company was Actavis, which it morphed into in 2013, after Watson Pharmaceuticals bought that Icelandic-based company in a $5.5 billion deal, thus, its presence in that country. While the company has decided to move its production from Iceland to other Allergan plants, it will keep open other operations in Iceland that employ about 400, according to the Icelandic Monitor. The phase-out will begin in about 18 months, and the plant closing is expected to take 6 months more, the newspaper said. Story | More