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HSP Announces Workforce Reduction
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ShareHospira, Inc. (HSP) announced the launch of "Project Fuel" today, which will involve a workforce reduction of approximately 10%. A majority of the reductions will come in the next 12 months.
The company said that the plan, which is designed to improve margins and drive growth, will generate annual cost savings of about $110 million to $140 million.
Shares of this specialty pharmaceutical and medication delivery company rose more than 7% today.
"By reducing costs and improving efficiencies, we can free up more dollars to invest for profitable growth and shareholder returns," said Chairman and CEO Christopher B. Begley. "And with a streamlined, focused organization, we will reduce complexity, improve performance and be better positioned to advance our significant opportunities."
HSP is a Zacks #3 Rank ("Hold") company.
Read the full analyst report on HSP
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