A Medical Device Daily
C.R. Bard (Murray Hill, New Jersey) plans to cut jobs and take a $20 million pretax charge against fourth-quarter earnings as part of a plan to reduce costs. The company did not say how many jobs would be lost.
The company also plans to offer $750 million in senior unsecured notes and could use the proceeds to buy back shares, possibly in an accelerated repurchase plan.
Most of the charge is expected to cover severance expenses, according to the company's filing with the Securities and Exchange Commission.
Bard said in the filing it would make changes in its manufacturing, sales and administrative functions over the next year to reduce costs.
The company makes surgical products including catheters, guide wires, stents and filters and devices to treat cancer and other diseases.