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news.Hospira, a specialty pharmaceutical and medication delivery company, has reported that it plans to reduce its global workforce by approximately 10% and deliver annual cost savings of approximately $110 million to $140 million, as part of its streamlining activities.
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According to Hospira, the majority of reductions will occur in the next 12 months. The company will help prepare employees for the transitions through the provision of assistance packages.
Christopher Begley, chairman and CEO of Hospira, said: “To maximize our opportunities for growth and sustainable shareholder value, Hospira is taking a number of important steps to simplify our business, strengthen our financial position and establish a strong foundation for our future.
“By reducing costs and improving efficiencies, we can free up more dollars to invest for profitable growth and shareholder returns. And with a streamlined, focused organization, we will reduce complexity, improve performance and be better positioned to advance our significant opportunities.”