logo
Share SHARE
FONT-SIZE Plus   Neg

Actelion Introduces Cost Saving Initiative; 135 Positions To Get Affected

Actelion Ltd. (ALIOF.PK) announced that the company has launched a cost saving initiative as an integral part of its strategy for value creation outlined in early May 2012.

According to the company, the initiative will ensure that it can fully capitalize on the significant growth opportunities in its core area of expertise of pulmonary arterial hypertension. The cost saving initiative addresses several challenges facing the company, including the continued strength of the Swiss Franc, increased competition in the United States, and the difficult pricing and reimbursement environment in Europe.

Actelion stated that cost savings will start to take effect in the latter part of 2012 and accelerate in 2013. The cost saving initiative is expected to result in a reduction of up to 135 positions in Research & Development and in administration.

The company noted that upon completion of the consultation process, it plans to implement a social plan and conclude the initiative before the end of 2012. As a result, a one-off restructuring charge - the size of which is still to be determined, in part, upon conclusion of employee consultations - will be included in the 2012 financial statements.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ciena Corp., a provider of communications networking solutions, on Thursday reported a turnaround to profit in the fourth quarter on higher revenues and lower expenses. However results for the quarter missed analysts' estimates. Looking ahead, the company forecast revenue for the first quarter of fiscal 2017 in line with analysts' expectations. Wearable fitness device maker Fitbit Inc. said it has acquired the assets of struggling smartwatch startup Pebble, including key personnel and intellectual property related to software and firmware development. The acquisition excludes Pebble's hardware products. Financial terms of the deal were not disclosed. Starbucks is teaming up with Pokémon Go, a location based augmented reality game, to turn its stores into PokéStops and Gyms, reports said. Further, the coffee giant reportedly would open Italian bakeries that serve pizza, with the first store expected to open in late 2017.
comments powered by Disqus
Follow RTT