More Restructuring At Bristol-Myers Squibb

US pharmaceutical company Bristol-Myers Squibb is implementing further restructuring, which will result in a charge for the 1995 year-end of $250-$300 million. The aim of the restructuring, coupled with companywide productivity initiatives, is to aid internal growth projects, lessen the dilutive impact of potential acquisitions, and support earnings performance.

The company says that it expects to make gains from the initiatives of up to $1.1-$1.5 billion before tax until 1998. In 1996, the firm is looking to trim back $500 million from expenditure, which will rise to $900 million-$1 billion in 1997.

B-MS said that as the initiatives continue, it will evaluate the appropriateness of any additional restructuring charge. "The initiatives will.....boost manufacturing and asset utilization including closure of certain of our facilities, and improve our cost structures, among other things," said Michael Mee, chief financial officer.