WASHINGTON (AP) — Abbott Laboratories, which makes health care products, said Thursday that it will spend $270 million on a new plant in Ohio where it will employ 240 workers to make nutritional drinks for adults.
The plant is to produce the company's Ensure and Glucerna products in aseptic packaging for the North American market.
Abbott expects to begin building the plant in April and finish in late 2013.
In October, Abbott surprised investors and analysts with the announcement that it would spin off its branded drug business into a separate company by the end of 2012. Company executives said the split would allow investors to separately value Abbott's businesses. The remaining core of Abbott Labs will consist of the company's nutritional, generic drug and medical device units.
After the split is complete nutritionals will make up Abbott's largest business with annual sales of roughly $6 billion, including adult and infant formulas. Abbott makes Similac, PediaSure and other children's brands.
Shares of Abbott Laboratories rose 63 cents to $57.24 Thursday.