Valeant Pharmaceuticals International Reduces Headcount
5/2/2008
ALISO VIEJO, Calif. -- Valeant Pharmaceuticals today announced that it has instituted headcount reductions as part of a company-wide restructuring effort intended to bring expenses in line with revenues.
The Company has reduced its headcount by 130 people in the United States and Mexico. Employees affected by the reductions have been offered severance packages, outplacement services and other appropriate assistance and support. Actual severance packages vary by country, based on local legal requirements. In addition, headcount will be further reduced by approximately 1,250 positions in connection with previously announced planned divestitures, specifically the sale of our European subsidiaries, expected to be completed in the next twelve months.
“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.â€
About Valeant
Valeant Pharmaceuticals International (NYSE: VRX - News) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including, but not limited to, statements regarding the company’s recently announced restructuring efforts that are based on management’s current expectations and involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to the Company’s plan to eliminate headcount positions, that the company will be able to achieve appropriate levels of profitability, that these changes will generate meaningful change and produce long-term value, and other risks detailed from time to time in the company’s SEC filings. The company cautions the reader that these factors, as well as other factors described in its SEC filings, are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. The company also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this press release. The company undertakes no responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.