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UK's GlaxoSmithKline to drop manufacturing operations in Bangladesh

British pharmaceutical company GlaxoSmithKline PLC is shutting down its manufacturing operations in Bangladesh by the end of 2018, Reuters reported, citing a statement from Nakibur Rahman, the unit's managing director.

GSK Bangladesh Ltd.'s board decided to shut down the drugmaking factory but opted to keep the consumer healthcare business, which produces nutritional drink Horlicks, Sensodyne toothpaste and mouthwash, and energy drink Glaxose-D.

About 1,000 employees are expected to be affected if the decision, which is still pending shareholder approval, pushes through. The state-run Investment Corp. of Bangladesh holds 12% stake in the company, with 6% held by public and different institutions.