MDS restructuring will cut 210 jobs

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Canadian medical isotope supplier initiates layoffs. Source: Atomic Energy of Canada Limited  

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.