Printer Friendly

U.S. SURGICAL ANNOUNCES $125 MILLION RESTRUCTURING PROGRAM

 NORWALK, Conn., Dec. 8 /PRNewswire/ -- Leon C. Hirsch, Chairman of United States Surgical Corporation (NYSE: USS) announced today, "that the company was expanding its restructuring program significantly to achieve a more effective competitive position in the market place and enhance its potential for profit in the coming years." Mr. Hirsch added, "We are determined to take whatever steps are necessary to give the company flexibility and put it in a strongly competitive position."
 Mr. Hirsch stated, "the company expects to take a charge of approximately $125 million in the fourth quarter consisting principally of property divestitures and consolidations and some additional work force reductions. The financial benefit of the restructuring in 1994 will be strongest in the third and fourth quarters, and will continue in subsequent years."
 Mr. Hirsch added, "progress has been made in opening competitive accounts, and in winning competitive evaluations; nevertheless, the company is expecting a loss in the fourth quarter of 1993 and first quarter of 1994. Competitive pressures remain strong, and inventories on hospital and distributor shelves are still inordinately high. The company does not believe these inventories will be meaningfully reduced until after the first quarter of 1994."
 United States Surgical Corporation is the world's largest manufacturer and marketer of surgical staplers, the leader in the growing field of minimally invasive surgery and a recent entrant into the suture market.
 -0- 12/8/93
 /CONTACT: Marianne Scipione, vice president - corporate communications of U.S. Surgical Corporation, 203-845-1404/
 (USS)


CO: United States Surgical Corporation ST: Connecticut IN: MTC SU: RCN

SH -- NY012 -- 1632 12/08/93 09:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 8, 1993
Words:264
Previous Article:CELOX CORPORATION NAMES SALES AND MARKETING VICE PRESIDENT
Next Article:FIDELITY NATIONAL FINANCIAL INC. ANNOUNCES ACQUISITION OF AGENCY SALES AND POSTING, ARIZONA SALES AND POSTING INC. AND PENTE ENTERPRISES INC.
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters