RTTNews | Nov 5, 2020 08:40AM EST

08:39 Thursday, November 5, 2020 (RTTNews.com) - Endo International plc (ENDP) said Thursday it has initiated several strategic actions, including a net reduction of about 560 full-time positions from its global workforce, to further optimize its operations and increase overall efficiency. The company plans to reduce its workforce by the first half of 2023.

The actions announced today include optimizing the company's generic retail business cost structure by exiting manufacturing sites in Irvine, California and Chestnut Ridge, New York, as well as active pharmaceutical ingredient (API) manufacturing and bioequivalence study sites in India. The sites will be exited in a phased approach that is expected to be completed in the second half of 2022.

Endo International expects these actions to result in annualized pre-tax cash savings of about $85 million to $95 million.

In connection with these changes, Endo International expects to incur pre-tax cash restructuring charges of about $100 million to $110 million, and total pre-tax restructuring charges of about $163 million to $183 million. Endo will record a pre-tax charge of $67 million in the third quarter of 2020.

The company said the cost savings will be reinvested, among other things, to support its key strategic priority to expand and enhance its product portfolio, including the planned launch of Qwo, the first FDA approved injectable treatment for cellulite, in the Spring of 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3143421/endo-international-to-cut-560-jobs-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved