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12 Aug, 2016 @ 09:52
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1 min read

Huge pharma company investing almost €300m into UK post-Brexit

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View of the headquarters building of GlaxoSmithKline (GSK) in London, UK, 24 July 2013. British pharmaceutical giant GlaxoSmithKline announced on Thursday (25 July 2013) the appointment of a new leader at its troubled Chinese division, which has been roiled by a bribery investigation by the government. Herve Gisserot, who was co-head of GSKs pharmaceutical business in Europe, is replacing Mark Reilly as general manager in China, a company spokesman said. On Wednesday, GSK acknowledged that its financial performance in China would take a hit from Beijings investigation.,View of the headquarters building of GlaxoSmithKline (GSK) in London, UK, 24 July 2013. British pharmaceutical giant GlaxoSmithKline announced on Thursday (25 July 2013) the appointment of a new leader at its troubled Chinese division, which has been roiled by a bribery investigation by the government. Herve Gisserot, who was co-head of GSKs pharmaceutical business in Europe, is replacing Mark Reilly as general manager in China, a company spokesman said. On Wednesday, GSK acknowledged that its financial performance in China would take a hit from Beijings investigation.

View of the headquarters building of GlaxoSmithKline (GSK) in London, UK, 24 July 2013. British pharmaceutical giant GlaxoSmithKline announced on Thursday (25 July 2013) the appointment of a new leader at its troubled Chinese division, which has been roiled by a bribery investigation by the government. Herve Gisserot, who was co-head of GSKs pharmaceutical business in Europe, is replacing Mark Reilly as general manager in China, a company spokesman said. On Wednesday, GSK acknowledged that its financial performance in China would take a hit from Beijings investigation.,View of the headquarters building of GlaxoSmithKline (GSK) in London, UK, 24 July 2013. British pharmaceutical giant GlaxoSmithKline announced on Thursday (25 July 2013) the appointment of a new leader at its troubled Chinese division, which has been roiled by a bribery investigation by the government. Herve Gisserot, who was co-head of GSKs pharmaceutical business in Europe, is replacing Mark Reilly as general manager in China, a company spokesman said. On Wednesday, GSK acknowledged that its financial performance in China would take a hit from Beijings investigation.

GLAXOSMITHKLINE has announced plans to make a €275m investment in the UK to build new manufacturing sites.

The firm said that most of the increased production will be exported, and that it expects the investment to bring jobs to the UK.

Sir Andrew Witty, the company’s CEO and a vocal Remain supporter, explained that the decision came despite ‘uncertainty’ that Brexit created.

“We believed a vote to leave would create uncertainty and potentially regulatory change in our industry which from our perspective was unnecessary,” Sir Andrew told the BBC.

“But the underlying attractiveness in terms of the UK’s economic strengths and its fiscal environment haven’t changed and that’s why we feel very strongly that this investment makes sense.”

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Lance Rutkin

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1 Comment

  1. And the real reason – employment legislation is far tougher on the mainland. This has nothing to do with the EU as most northern European countries always treated working people better than in the UK.

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