WASHINGTON (AP) -- Health care product maker Abbott Laboratories says it will spend $270 million on a new plant in Ohio and employ 240 workers to make nutritional drinks for adults.
The plant is to produce the company's Ensure and Glucerna products for the North American market.
Abbott expects begin building the plant in Tipp City in April and finish in late 2013.
In October, Abbott announced it would spin off its branded drug business into a separate company by the end of 2012. Executives said that 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.
Abbott makes Similac, PediaSure and other children's brands.
Shares of Abbott Laboratories rose 63 cents to $57.24 Thursday.