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Hundreds of jobs could be at risk after a firm based at Nottingham's Boots site announced plans to cease production.
Fareva, which makes products including Number 7 cosmetics, said it had started consultation with staff at its Thane Road factory in Beeston.
The company said the economic change of political unrest in Europe and Covid had a "big impact" on its business.
It has proposed transferring all production activities to its other factory in Wales.
Fareva said 150 new roles would be created at the Pontyclun site in Wales, with priority given to Nottingham staff.
The French pharmaceutical company bought BCM (Boots Contract Manufacturing) in 2017.
Products like Soltan and Strepsils have been made at the D10 factory, along with branch products for supermarkets and pharmacies.
The business said its product testing service, research and development, commercial and procurement activities will continue to operate out of the Grade I-listed site.
A spokesman for Fareva said: "The effects of Covid and the recent political unrest in Europe have been unprecedented.
"Production volumes have decreased due to some customers moving production in-house and remaining business volumes are lower than their pre-Covid levels," he added.
Fareva said the loss of business had led to its sites having spare capacity.
The business will now enter a period of collective consultation with staff whose roles are affected.
It added that production would continue until 2024 and it said it would not make any redundancies until early next year.
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