Advanced Medical Optics (EYE) to Cut Workforce by 5%; Sees $23-$34M Charge
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In a Form 8-K, Advanced Medical Optics (NYSE: EYE) today announced that its Board has committed to an additional plan to reduce its fixed costs.
The plan expansion approved by the Board of Directors on November 14, 2008 and amended November 18, 2008 includes a net workforce reduction of approximately 190 positions, or about 5% of the company’s global workforce. In addition to workforce reductions, this additional plan includes certain facilities-related costs. AMO expects to complete these additional activities in 2009 and estimates the total non-recurring pre-tax charges resulting from this additional plan to be in the range of $23-$34 million, most of which will be incurred in 2008. The significant majority are expected to be cash expenditures.
Advanced Medical Optics, Inc. engages in the development, manufacture, and marketing of medical devices for the eyes in the Americas, Europe, Africa, the Middle East, Japan, and Asia Pacific.
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