BEDFORD -- Ben Venue Laboratories is stopping production at its facilities by the end of the year, according to an official release from the company.
The stoppage means 1,100 employees will lose their jobs. The lab is Bedford's largest employer. Employees are being notified in a series of meetings.
The company makes medicine for cancer patients. WKYC reported in June that the company would end production at one of its facilities. At the time it was not known the facility would be in Bedford.
Ben Venue makes over 100 different drugs.
The City of Bedford issued the following statement Friday:
"We are certainly sad to hear the news surrounding Ben Venue's shutdown. We appreciate their loyalty to the City of Bedford over the course of more than 70 years, and we send our condolences to all those affected by this decision," said Mike Mallis, Bedford Director of Economic Development. "Moving forward, we are looking into several options to fill the economic space that is open, and are committed to keeping the public informed as things evolve."
The City of Bedford was first notified of Ben Venue's decision on Thursday, when Ben Venue called Bedford Mayor Daniel Pocek to inform him of the financial realities of the company and its plan to cease operations. At that time, city officials began developing a contingency plan for the future vacancy. Meetings were then setup with other state officials, and those meetings will take place in the very near future.
"My heart goes out to all the families and individuals affected by this shutdown, and it is my sincere hope that they are all able to recover quickly," said Pocek. "We understand that citizens are concerned, but through prudent financial management over the past several years, I can assure residents that the City of Bedford is prepared to continue providing excellent city services for the foreseeable future. That said, we do realize that we have some work to do."
The City of Bedford is committed to being transparent, and will share developments as they occur. At this time, there is no specific date for Ben Venue to cease operations, and there is no plan developed to utilize the building's resources.