Cordis Corporation, a subsidiary of Johnson & Johnson, announced Wednesday the discontinuation of production of its Cypher Stent product by the end of 2011, representing the closing of its plant in San Germán. The decision will leave 450 people jobless.
“Today is a very difficult day for all of us. We will continue manufacturing Cypher at this time, but by the end of the year, we’ll cease production,” said Pedro Costa, director of public relations and public affairs. “This decision is he result of a change in dynamic in this market and not a reflection of the dedication nd hard work that all of the employees conduct day after day in Cordis.”
Johnson & Johnson has been on the island since 1963, with 11 operations in six towns around he island that generate about 4,000 jobs.
“We will do everything possible to help all of our employees affected by this decision regarding a redistribution within the Johnson & Johnson family of companies, as long as that’s possible. They will be given a benefits package and other professional assitance,” Costa said.
The stent market has changed considerably in recent years, with regards to product demand, prices, rebates and high regulatory requirements.