MDS, a provider of products and services to the global life sciences markets, has initiated a restructuring plan that will result in the reduction of approximately 210 employees.
The restructuring actions are expected to yield annual pre-tax savings of approximately $20 million and drive profitability at MDS Pharma Services and MDS Analytical Technologies, according to the Toronto-based MDS.
The company said that the cumulative pre-tax restructuring charges associated with the actions are anticipated to be approximately $18 million with the majority of the charges recorded in Q3 fiscal 2008. MDS also said it expects to record a pre-tax facility-related asset impairment charge of approximately $10 million related to its MDS Pharma Services Montreal site. MDS has 5,500 employees globally.