Restructuring program set by Covidien
Covidien (Hamilton, Bermuda) said that it would implement a restructuring program beginning in fiscal 2009 to improve its cost structure and to deliver improved operational growth.
The restructuring program, which includes projects in all four business segments and at the corporate level, will result in the company incurring pre-tax charges of about $200 million beginning in 1Q09. Savings from the restructuring program are estimated at $50 million to $75 million on an annualized basis once the program is completed.
"This initiative will enable us to continue investing for future growth and profitability," said President/CEO Richard Meelia. "We remain committed to making incremental investments in research and development to strengthen our portfolio and to expand into adjacent high-growth areas of the healthcare market."
In addition, the company reported that its board declared a quarterly cash dividend of 16 cents a common share, payable Nov. 6 to shareholders of record on Oct. 9.
Chemistry council recognizes bisphenol A
The American Chemistry Council (ACC; Arlington, Virginia) said it is aware of a new study on bisphenol A published in the Journal of the American Medical Association that reports a statistical association between urinary bisphenol A concentrations and medical disorders in adults.
"As with any study," said the organization, "it is critically important to understand how the design of a study can limit interpretation of the study findings."
The group said the new study is a statistical analysis "that attempts to correlate urinary concentrations of bisphenol A, which reflect very recent exposure, with the incidence of cardiovascular disease and diabetes. However, the onset and development of these diseases occurred over time periods well before the bisphenol A exposure measurements were made. Because of this and other inherent limitations, the study is not capable of establishing a cause and effect relationship between bisphenol A and these health effects."
The ACC represents companies engaged in the business of chemistry.
Invatec opens U.S. operations
Invatec (Bethlehem, Pennsylvania), a maker of vascular interventional products with global headquarters based in Italy, said that it has formally launched U.S. operations in Bethlehem. The U.S. headquarters is responsible for the sales, marketing, clinical, regulatory and distribution of the company's minimally-invasive diagnostic and therapeutic products. These products are used by interventional cardiologists, radiologists, vascular surgeons and other vascular specialists.
The company also reported that it has appointed Jack Springer as president to lead U.S. operations.
"I am excited to be joining Invatec, a company deeply invested in collaboration with physicians for the research and development of new vascular and non vascular products," said Springer. "Our launch in the U.S. represents a tremendous opportunity to expand our strong base and to develop innovative new products with the input of some of the world's leaders in endovascular medicine."
Springer most recently was president/CEO at Neuromonics.