In an effort to bring expenses in line with revenues, Valeant is cutting 130 workers in the U.S. and Mexico. In addition, headcount will be further reduced by 1,250 positions as it divests its European subsidiaries. The full effects of the layoffs will be felt within the next year. The layoffs will reduce Valean's staff by about half.
"This is the first step in our plan to right size our company and return it to appropriate levels of profitability," said J. Michael Pearson, chairman and chief executive officer. "We understand the impact these changes will have on our employees and we are committed to treating everyone with respect and dignity. While difficult, these changes are in the best interest of the company to generate meaningful change that will produce long-term value."
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