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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Secret_Agent_Man who wrote (350321)	12/5/2007 1:05:38 PM
From: ldo79	Read Replies (1) of 436258

Bristol-Myers Cuts Jobs, Plants to Save $1.5 Billion (Update1) By Beth Jinks and Lisa Rapaport Dec. 5 (Bloomberg) -- Bristol-Myers Squibb Co. will eliminate about 10 percent of jobs and close half its plants to trim $1.5 billion in costs. The drugmaker also raised its 2008 earnings forecast. The firings, which began last month, will affect 4,300 workers and be implemented over three years, the New York-based company said today in a statement. Bristol also said it is considering ``strategic alternatives'' that may lead to the sale of its medical imaging, wound care and baby formula businesses. Chief Executive Officer James Cornelius, who replaced ousted CEO Peter Dolan in September 2006, is readying Bristol- Myers for the loss of more than $3 billion in annual revenue in 2012, when its top-selling blood-thinner Plavix faces generic competition. Bristol-Myers is preparing to shift its reliance to less-profitable drugs such as Erbitux for cancer, Sustiva for HIV and Abilify for mental disorders. bloomberg.com

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