MDS said yesterday it will restructure its business in order to refocus resources on markets served by its MDS Pharma Services, MDS Nordion, and MDS Sciex units.
MDS further plans to reduce its overhead costs and "better align resources and infrastructure costs," according to the company. As part of its restructuring, the company will reduce its workforce by approximately 500 of its 9,000 employees, resulting in savings of $40 million-$45 million in 2006.
"A review of company assets which are not part of MDS's core focus is underway and focused on maximization of shareholder value," said MDS President and CEO Stephen DeFalco in a statement.
It was not immediately clear how the restructuring will specifically affect MDS Sciex, which makes mass spectrometers for drug discovery and life sciences. MDS Sciex has joint ventures with both Applied Biosystems and PerkinElmer.