ICN BIOMEDICALS INC. ANNOUNCES RESTRUCTURING
ICN BIOMEDICALS INC. ANNOUNCES RESTRUCTURING COSTA MESA, Calif., March 27 /PRNewswire/ -- ICN Biomedicals Inc.
(AMEX: BIM) today announced that it is restructuring its business and is taking a series of actions to accelerate a return to profitability in 1992.
The restructuring is to refocus business strategies and improve competitiveness. Actions include company-wide work force reductions, facility consolidations and closures, accounting consolidations, elimination of certain suppliers, the withdrawal from low-return product lines and renegotiating certain contractual arrangements. A significant non-recurring restructuring charge (principally non- cash items) will be reflected in the 1991 fourth quarter and results in a substantial loss for the fourth quarter and year ended 1991. ICN Biomedicals Inc. listed on the American Stock Exchange under the symbol BIM, is a major world supplier of biotechnology research products and medical diagnostics. -0- 3/27/92 /CONTACT: Paul Knopick of ICN Biomedicals, 714-545-0100, ext. 2465/ (BIM) CO: ICN Biomedicals Inc. ST: California IN: MTC SU: RCN
AL-JL -- LA019 -- 2507 03/27/92 16:35 EST
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|Date:||Mar 27, 1992|
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