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SYNTEX UNDERTAKES COST-REDUCTION PROGRAM

 SYNTEX UNDERTAKES COST-REDUCTION PROGRAM
 PALO ALTO, Calif., Oct. 21 /PRNewswire/ -- Syntex Corp. (NYSE: SYN)


said today that in order to position it to be more competitive in the rapidly changing health care environment, and in light of disappointing results in the first two months of the company's fiscal 1993 first quarter, the company has begun a cost-reduction program that will involve restructuring some of its administrative and marketing organizations, eliminating a number of positions and reprioritizing some of its research and development activities to focus on the most promising programs.
 Syntex officials said that no final decisions have yet been made regarding the number of positions and programs to be eliminated in the cost-reduction and restructuring program, nor have they definitively determined the financial impact of such actions. Those decisions are expected shortly. There will also be a consolidation of some production facilities at a later date.
 "We are making every effort now to be sure that we will be the right-sized company, focusing on the right priorities in the more challenging years ahead," Paul E. Freiman, chairman and chief executive officer, said. "Although we deeply regret the need to reduce the number of employees at Syntex, we are committed to taking the steps that we believe are necessary to position the company for successful growth."
 -0- 10/21/92
 /CONTACT: Linda Thomas, 415-852-1321, or Kathleen Gary, 415-855-5924, both of Syntex/
 (SYN) CO: Syntex Corp. ST: California IN: MTC SU:


GT -- SJ005 -- 2885 10/21/92 12:20 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
Words:249
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