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Article: Bristol-Myers Pulls $25B Assets out of Ireland; Bristol-Myers Squibb would not say where it was transferring the assets of the holding company, which owns subsidiaries in the United States, Europe, Latin American and Asia.
- Article from:
- eWeek
- Article date:
- March 16, 2007
- Author:
CopyrightCopyright (c) 2007 Ziff Davis Media Inc. All Rights Reserved. Originally appearing in eWEEK.com. Provided by ProQuest LLC. (Hide copyright information)
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DUBLIN-U.S. drug maker Bristol-Myers Squibb is moving assets of up to $25 billion from an Irish holding company, it said on Friday, fanning worries in Ireland that it is growing less competitive.
A company spokesman said the liquidation of assets in Bristol-Myers Squibb International Holdings Limited was "part of the company's ongoing review of its financial operations."
"It's a holding company. It does not have any business operations or workforce. This action will not have any impact on the day-to-day operation in Ireland," said Brian Henry, regional spokesman for Bristol-Myers Squibb, which also has two factories in Ireland.
Henry declined to comment on a report in The Irish Times ...