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Merck & Co., Inc. (NYSE:MRK) has closed 18 plants since its 2009 merger with Schering-Plough, according to CFO Peter Kellogg, as part of a plan to improve financial position. The total number of plants has been decreased to 75 from 93 plants across all operations, pharma, animal health and consumer products.
But more manufacturing cuts are on the way to appear in the next several years. Kellogg said that they had clearly made a fair bit of progress on the network rationalization and were evaluating plans to decrease more the size of their footprint. He clarified that those plans will take some time to implement.
API plant in Oss, the Netherlands is the most recently closed facility. Merck & Co., Inc. (MRK) said last week that it plans to sell the plant to South Africa generic drugmaker Aspen Pharmacare.
Merck & Co., Inc. (NYSE:MRK) climbed +0.49% and closed at $41.38 with the total traded volume of 11.41 million shares. Its opening price was $41.19 and its shares traded within the range of $41.09-$41.50. The company now has market cap of about $125.80 billion.
The biggest shipbroker Clarkson Plc. reportedly claims that Polaris Shipping Co., a South Korean shipping company, with 10 vessels chartered to Vale SA (ADR) (NYSE:VALE) paid for an 11th vessel for the mining company to use.
Polaris Shipping Co. bought the Sri Prem Putli, a 20-year-old ore carrier converted from an oil tanker in 2009, for $44.4 million, Clarkson revealed in a weekend report. The purchase price is three times higher as compared to the $13.9 million estimate of the vessel’s worth by VesselsValue.com, an online valuation service under ownership of London-based shipbroker Seasure Shipping Ltd.
The value of a 14-year charter to Vale is included in the cost for the so-called very large ore carrier, according to Clarkson. Polaris in August 2012 made payment of $60 million to buy each of 10 converted ore carriers owned by the world’s largest iron-ore producer that Seasure reported has worth about $16.1 million apiece, which were then leased back to the mining company.
Vale SA (ADR) (NYSE:VALE) slipped -0.15% and closed at $19.82 in the last trading session with the overall traded volume of 9.80 million shares, more versus the average volume of 14.60 million shares. Its 52 weeks high price was $26.38 and suffered lowest price of $15.77 in the same period.
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