MDS cutting over 200 jobs in restructuring
MDS 3-month TSX chart
MDS Inc. said Friday it will cut 210 employees and take $18 million in charges as it restructures two divisions — MDS Pharma Services and MDS Analytical Technologies.
The Toronto-based company said most of the charges will be taken in the third quarter of its fiscal year.
MDS said it also expects to take a $10-million asset impairment charge on the MDS Pharma Services Montreal site.
The company said the charges will cut its 2008 earnings by $20 million, or 16 cents a share.
The company said in a release issued before the opening of stock market trading that the restructuring is expected to result in annual pre-tax savings of roughly $20 million.
The company said its third-quarter financial results will be released on Sept. 4.
MDS has 5,500 employees around the world.
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