Company’s closure a major blow to Grand Bahama’s industrial sector
NASSAU, BAHAMAS — PharmaChem’s decision to shut down its operations in Grand Bahama this week was yesterday described as “heartbreaking” and “shocking,” dealing a substantial blow to the industrial sector of Grand Bahama.
The company announced yesterday that it commenced the winding down of its current operations, a move which will result in the loss of 100 jobs.
“After twenty years of service to both the local community and global markets, despite our best efforts, the dedication of our talented team, and support from our customer and lender, PharmaChem has faced unprecedented challenges that have significantly impacted our ability to sustain operations. We extend our heartfelt gratitude to our employees, customers and lender, and other stakeholders who have been part of our journey,” the company said in a statement.
The company said it would cease operations by January 12 and immediately petition for a formal liquidation process by requirements under Bahamian law.
The government, in a statement, called PharmaChem’s decision to close its doors “heartbreaking.”
“PharmaChem, for many years, has contributed significantly to the economic landscape of Grand Bahama, and of course, our immediate concern is the well-being of the affected employees. While the situation is challenging, the government remains actively engaged, and PCT has reaffirmed its commitment to adhere to all legal and environmental obligations,” the Ministry for Grand Bahama said in a statement, noting that with over
$1.8 billion in new investments in progress there will be significant opportunities for new employment.
It further noted: “We remain optimistic about the economic future of Grand Bahama Island as we recover, rebuild and continue to revolutionize.
East Grand Bahama MP Kwasi Thompson said in a statement: “The Opposition is shocked and disturbed at the news of the abrupt closure of PharmaChem Technology. They have been a leader for over 20 years in the industrial sector in Grand Bahama. The industrial sector has been a pillar of strength for Grand Bahama and has seen the island through many difficult years. What is even more shocking is the fact that there was no public warning or notice,” said Thompson.
He added: “Our hearts go out to the 100 employees who were highly skilled and well paid. It will also severely affect all the subcontractors who did business with PharmaChem. The entire island will be severely affected. The Government must ensure that all of the employees and families represented receive their entitlement and any assistance required. All relevant Government agencies should be ready to provide whatever assistance required. We also call upon the government to ensure that in their closure process, all proper environmental health procedures and cleanup are followed.”
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