LIONVILLE, Pa. (Nov. 3, 2009)—Medical components manufacturer West Pharmaceutical Services Inc. plans to restructure certain business operations, resulting in the elimination of about 100 jobs, the company announced in its third quarter financial results report
The restructuring includes the re-evaluation of certain business initiatives and assets within its Pharmaceutical Systems and Tech Group segments, West said.
The changes will result in total charges in the range of $8 million to $10 million, with about $7 million of the charges expected to be included in the company's reported results for the fourth quarter of 2009. The restructuring is expected to result in annual savings of about $6 million in 2010 and $8 million annually thereafter, West said.
The Lionville-based company posted net earnings of 17.2 million on net sales of $258.9 million in the third quarter, the medical components manufacturer reported Nov. 3. The figures compared favorably with the net profits of $13.5 million on sales of $256.2 million posted in the third quarter of 2008.
Through nine months of 2009, West reported net earnings of $52.3 million, down 24 percent from last year. Net sales were $762.3 million, down from $806.3 million in 2008.