Pharmaceutical company Pfizer plans to shut down its Sydney manufacturing plant in 2015, with about 140 workers set to lose their jobs.
The company announced last week it would it phase out operations at the West Ryde plant, which produces tablets and capsules for both humans and animals.
"This has been a difficult decision, and reflects the need to align our global manufacturing capacity with the needs of our business, manufacturing operations director Justin Mathie said in a statement.
"Our focus in the months ahead will be on those colleagues impacted by this decision, as well as ensuring we continue to make Pfizer medicines available to Australian patients."
Mr Mathie said the pharmaceutical industry is trending away from high-volume medicines towards those of higher value that target a specific patient population or disease condition.
"This requires more flexible manufacturing facilities and a different overall approach to manufacturing," he said.
Most workers will not be impacted until 2015.
Pfizer's other Australian plant, based in Perth, will stay open.
The Australian arm of the Pfizer American multinational pharmaceutical corporation currently employs more than 1600 people.
Source: The Australian