In an effort to cut costs, C.R. Bard, which creates catheters and other small devices, will cut jobs and take a $20 million hit to its fourth quarter earnings. The company has not released how many jobs it expects to slash.
The company disclosed the $20 million charge in a SEC filing, saying that the majority of the hit will come from severance packages. It will also restructure its administration, manufacturing and sales to relieve pressure on its profits and will issue $750 million in senior unsecured notes as a potential repurchase program for its stock.