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LabCorp Board Replaces Existing Share Repurchase Plan With New Plan

While reporting its fourth-quarter financial results on Thursday, LabCorp (LH) said that on February 6, 2019, its board of directors has replaced the company's existing share repurchase plan with a new plan authorizing repurchase of up to $1.25 billion in the company's shares.

In addition, LabCorp said it has started phase II of LabCorp Diagnostics' LaunchPad business procurement initiative.

The company is focused on eliminating manual processes, digitizing the business, using technology to improve quality, operations and service, and enhancing the consumer experience, which are designed to unlock new avenues for growth and contribute to improvement in long-term margins.

The company expects the initiative to generate pre-tax net savings of approximately $200 million over the three-year period ending in 2021, with pre-tax, one-time charges expected to be approximately $40 million.

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