Cardinal Health (CAH) to Consolidate Certain Products into Two Operating Segments; Reaffirms FY08 Guidance
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Cardinal Health (NYSE: CAH) today announced a consolidation of its businesses into two primary operating and reporting segments to reduce costs and align resources with the unique needs of each segment.
Cardinal Health's network of pharmaceutical and medical product distribution centers and nuclear pharmacies will form the Healthcare Supply Chain Services segment, while its products for infusion, medication dispensing, respiratory care and infection prevention will be grouped in the Clinical and Medical Products segment.
Related to the restructuring, Cardinal will cut its workforce by about 600 positions and record a charge of about $63 million. Of those positions, about 160 are currently open and will not be filled. Employees affected will be offered severance benefits.
Cardinal reaffirmed its FY08 EPS guidance of $3.75-$3.85, excluding the potential dilutive impact of the Enturia acquisition of 1-2 cents. The Street consensus is $3.78.
Cardinal Health, Inc. provides products and services to the healthcare industry.
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