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Massive job cuts at Valeant

Valeant Pharmaceuticals has revealed plans for massive job cuts at company sites across the world as part of a corporate restructuring programme
Valeant Pharmaceuticals has revealed plans for massive job cuts at company sites across the world as part of a corporate restructuring programme.

In the US and Mexico, Valeant has made 130 people redundant and plans to shed a further 1,250 jobs in its European operations. Employees have all been offered severance packages in line with respective legal requirements in each of the affected countries.

Company chairman and chief executive officer, J Michael Pearson described this as a 'first step' in restructuring aimed at balancing corporate size against profitability.

"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."

Job cuts at the firm's European sites have been caused by the sale of manufacturing facilities in Basel, Switzerland, to Legacy Pharmaceuticals. Valeant, a specialist in products to treat neurological conditions, has said the corporate down-sizing is part of a broader plan to keep costs within limits dictated by current revenue levels.

2nd May 2008

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