The actions announced today are expected to result in annualized pre-tax cash savings of approximately $85 million to $95 million and a net reduction to Endo's global work force of approximately 560 full-time positions by the first half of 2023. We are committed to executing a thoughtful transition process and to providing support and assistance to our impacted team members through this period." I would like to sincerely thank all of those who will be impacted for their hard work and countless contributions. Coleman continued, "These were difficult but necessary decisions that will, unfortunately, affect many of our dedicated team members.
We believe these actions will further position Endo for long-term success." Increasing organizational effectiveness by fully integrating Endo's commercial, operations, and research and development functions, respectively, to support the Company's key strategic priorities.īlaise Coleman, President and CEO of Endo, said, "These actions are consistent with our strategic priority to reinvent how we work and support our associated strategic priority to expand and enhance our portfolio by enabling reinvestment into building a more differentiated and durable product portfolio.Improving operating flexibility and reducing general and administrative costs by transferring certain transaction processing activities to third party global business process service providers.The sites will be exited in a phased approach that is expected to be completed in the second half of 2022. Optimizing the Company's generic retail business cost structure by exiting manufacturing sites in Irvine, CA and Chestnut Ridge, NY, as well as active pharmaceutical ingredient (API) manufacturing and bioequivalence study sites in India.
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