E-Z-EM is planning to close manufacturing operations in San Lorenzo, Puerto Rico and Westbury, NY, as part of a company plan to cut costs by shifting production to third-party manufacturers.
The Lake Success, NY, company expects the closures to save $2.2 million a year starting with its 2005 fiscal year. E-Z-EM will incur a one-time charge of $1.1 million in the fourth quarter of fiscal 2003, mostly related to severance costs, and will incur another $800,000 in costs in fiscal 2004.
E-Z-EM president Anthony Lombardo said the restructuring will streamline the company’s manufacturing operations while improving its cost base and enabling it to maintain quality standards. The company will retain three core manufacturing sites, in Glenn Falls, NY, Westbury, NY, and Montreal, Canada.
By AuntMinnie.com staff writersJune 2, 2003
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