Hundreds of new jobs will be created with the planned expansion of CSL's manufacturing facility in Victoria, Australia.
With a $250 million is capital expenditure, manufacturer CSL has announced that the new manufacturing plant will be in addition to its current Broadmeadows site to upgrade its facilities of over four years.
"We think over all there will be many hundreds of jobs created through the construction and long term operation of the plant," chief executive Brian McNamee told reporters. "This is a 10 to 20 year decision not a one year decision. (The plant) will be designed for further modular expansion." Construction on the new plant is expected to be completed by 2016."
The announcement came as a relief after a group of prominent Australian companies announced job cuts. Australia's Qantas Air, banking giant Westpac and even steel producer OneSteel have announced that layoffs may be in place and result to more than 1,000 unemployed.
Reports from Sydney Morning Herald and Reuters said that the CSL facility would manufacture Privigen, CSL's intravenous immunoglobulin treatment for people whose immune system does not function properly.
CSL, which currently makes Privigen at its main manufacturing plant in the Swiss capital of Bern, will export the product from Broadmeadows to the United States, Europe and Asia.
The company earlier reported a 10.7 per cent drop in net profit to $940.6 million for the 12 months to June 30.
CSL, which generates 90 per cent of its profit overseas, was hit by $116 million worth of unfavourable foreign exchange movements.
On a constant currency basis, operational net profit grew 14 percent to $1.06 billion.
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