Mylan, the generic drug giant, plans more restructuring moves

Wednesday, 08 November 2017, 08:40:21 PM. Generic drug giant Mylan on Tuesday said it was expanding a previously announced restructuring plan aimed at streamlining its global operations.
Generic drug giant Mylan on Tuesday said it was expanding a previously announced restructuring plan aimed at streamlining its global operations. The approved actions are expected to result in pretax restructuring charges totaling between $375 million and $450 million, mainly for severance and other employee-related costs, the company said in a filing with the U.S. Securities and Exchange Commission. The amount includes $262.4 million in restructuring charges taken since the program was announced in December 2016, the company said. The filing did not explain what the additional restructuring steps entailed. Mylan previously said the plan included cutting roughly 10 percent of its workforce and the possible shut down of certain operations. In Tuesday’s filing, Mylan said it was continuing to develop cost reduction initiatives and expected to incur additional costs, which currently “cannot be reasonably estimated.” Contact Patricia Sabatini at PSabatini@post-gazette.com or 412-263-3066. Published: November 7, 2017 — 6:40 PM EST We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue Help us moderate this thread by flagging comments that violate our guidelines Commenting policy | Comments FAQ Comment policy: Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible...Read more
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