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Amneal to shut down Hayward, Calif.-based facilities, cut 550 jobs

Amneal Pharmaceuticals, Inc. said it would shut down its Hayward, Calif.-based operations and facilities, resulting in 550 job cuts.

The Bridgewater, N.J.-based company said the restructuring was a result of streamlining of operations after a recently completed merger with Impax Laboratories Inc.

Impax Laboratories maintained its headquarters at Hayward prior to the merger.

The maker of generic drugs expects to phase out the Hayward facilities in about 15 months and transfer manufacturing to its lower-cost facilities in the U.S. and India.

The move is not expected to materially impact the company's 2018 adjusted EPS guidance of 95 cents to $1.10, with a favorable impact expected in 2019, Amneal President and CEO Rob Stewart said in a statement.

The company said it will provide details regarding the financial impact and pretax restructuring charges in a future filing.

For the first quarter ended March 31, the company reported adjusted combined net income of $41.7 million compared to $47.1 million in the same period of 2017.

On a per-share basis, pro forma adjusted net income for the quarter came at 14 cents per share compared to 16 cents per share a year ago.