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Valeant Pharma Cuts 130 Jobs In U.S., Mexico As Part Of Restructuring PlanThomson Financial News
May 2, 2008
BOSTON - Valeant Pharmaceuticals International said Friday it has instituted headcount reductions as part of a company-wide restructuring effort, including eliminating 130 jobs in the U.S. and Mexico and another 1,250 positions in connection with planned divestitures, specifically the sale of the company's European subsidiaries, expected to be completed in the next 12 months.
The Aliso Viejo, Calif.-based drug manufacturer said the restructuring effort is intended to bring expenses in line with revenue.
Valeant also said the employees affected by the reductions have been offered severance packages, outplacement services and other appropriate assistance.
The stock closed Thursday at $13.50.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/05/02/afx4962793.html
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