Toronto-based MDS is cutting its core business down to three units from six, eliminating about 500 jobs and restructuring its pharma unit as it narrows its focus to the life sciences arena. As part of the restructuring, MDS, which employs 9,000 people in 27 countries, will consider selling its laboratory services arm. Sites in Geneva, Taiwan and Munich are being shuttered. The moves come a month after Stephen DeFalco took over as CEO and after years of poor financial performance. The restructuring is aimed at reducing its annual expenses by $40 million to $45 million. Investors cheered the news by boosting the company's stock in early trading.
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