Now
Fair
67°
High
85°
Low
54°
Full Forecast

Jobs

Cars

Homes

Rentals

Alerts

Subscribe
Home > News > Business
Bookmark Us   •   Make Us Your Homepage

MDS Pharma Services cutting jobs in Lincoln

Comments 13 comment(s)  
E-mail Story E-mail Story
Print Story Print Story
Share  Share
Text Size: 
Tools Sponsor

By The Lincoln Journal Star

Friday, Jul 18, 2008 - 02:55:49 pm CDT



MDS  Pharma Services said Friday it is cutting jobs in Lincoln,  but would not disclose the number.

Spokeswoman Charlene McGrady confirmed the reductions in Lincoln were among 210 positions MDS Inc. is eliminating across two business divisions.

Those losing their jobs will be given severance in accordance with company policies, McGrady said, but she did not disclose terms.

MDS Pharma Services employs hundreds of employees in Lincoln in pharmaceutical research, testing and development. MDS Inc., which owns MDS Pharma Services, is a Canadian company.

The Lincoln operation of MDS Pharma Services was formerly known as Harris Laboratories, which MDS acquired in 1996.

 McGrady would not disclose the number of employees in Lincoln, before or after the cuts, but as recently as 2007 there were 600 working here.

The employees let go signed a standard severance agreement stating that the terms are confidential, she said.

MDS is taking the action to improve profitability to respond to softening demand for high-end instruments at MDS Analytical Technologies and delays in achieving targeted profitability improvements at MDS Pharma Services, the company said.  

McGrady would not say whether the jobs might be refilled in the future. 

“We continually evaluate our global footprint, rightsizing in response to market dynamics and customer needs,” she wrote in an email. “We will continue to to fill critical roles based on business and client needs. “

These restructuring actions are expected to yield annual pre-tax savings of approximately $20 million,

Pre-tax restructuring charges agsint earnings are anticipated to be approximately $18 million with the majority of the charges recorded in the third quarter this year, MDS said.

The company also expects to record a related asset impairment charge of approximately $10 million related to its MDS Pharma Services Montreal site. The expected after-tax amount of restructuring and asset impairment charges will reduce net income and basic earnings per share for fiscal 2008 by approximately $20 million and $0.16, respectively, MDS said.

 


$1 Sunday Delivery - Subscribe Today!
Business > Back to Top of Story

Post Your Comment

Standards and Rules
All posts to JournalStar.com are subject to our Terms and Standards.
Your posted comment will appear after it has been approved.
Frequently asked questions about story commenting.
(optional)
   
Hide Comments Hide Comments   Newest First Newest First  
Dumb wrote on July 18, 2008 9:40 am:
" I hope that research and finding medications for diseases isn't effected by MDS wanting more profits. I wonder what they are going to use these new profits for...new cars? "

 wrote on July 18, 2008 11:09 am:
" Is there going to be any such thing as a well-paying white collar job in this town? Ever?? "

 KENT HOUSEMAN wrote on July 18, 2008 11:15 am:
" That is interesting considering as of a few days ago they still had ads up on assorted job sites. "

 Lincolnite wrote on July 18, 2008 11:32 am:
" Businesses have a responsibility to look out for their shareholders. This is unfortunate, but not completely unexpected. Costs have gone up tremendously and situations like this arise. I feel bad for the people that are involved. You are in my thoughts and prayers. "

 KC wrote on July 18, 2008 12:33 pm:
" Lincoln cutting jobs?? Hmmm...wow..thats a surprise! NOT

What else is new? "

 Coffee wrote on July 18, 2008 1:55 pm:
" At least the Lincoln Starbucks stores were saved. For now. "

 LaidOff wrote on July 18, 2008 4:26 pm:
" "MDS would not disclose the specifics of the severance package" Talk about years of dedication to a company only to be escorted out of the building with a joke of a severance package. What a joke. "

 Ignorance is bliss wrote on July 18, 2008 4:29 pm:
" All of the "Lincoln cutting jobs" comments are truly ignorant. Try reading the article for a change. This was a corporate decision made in Toronto. What MDS does is not remotely affected by the economy in Lincoln, NE. "

 Awesome-O wrote on July 18, 2008 4:56 pm:
" The severance is laughable. "

 lost job wrote on July 18, 2008 5:09 pm:
" From someone who was part of the "restructuring", this is part of Lincoln's economy and part of the nation's economy as a whole. I guess your ignorance truly is bliss. You probably have a job and don't have to look for one along with 200 other people from the same company, with the same job skills. This is directly related to the economy, Lincoln's and everywhere else. The story is just an excuse and a reason MDS has to give to explain the layoffs. "

 West O wrote on July 18, 2008 5:24 pm:
" I worked for Dr. Harris when he and his sons ran the company. Guess what- they ran it pretty well. They just didn't have the mega millions to expand it the way it needed. It's sad too- I'm certain that Dr. Harris, Ron and Bob would have exhausted ALL options before cutting into the lifeblood of the community. That's what happens when you go "big time" I guess. Bring back Harris Labs! "

 Nope wrote on July 18, 2008 7:57 pm:
" There was a major layoff when it was still Harris Labs. Please don't post if you don't even remotly know what you're talking about. Remember, people have lost jobs here. I posted earlier, just trying to explain to the ignorant that this layoff had NOTHING to do with the economy in Lincoln; it had to do with the economy in the pharmaceutical world overall. Some poster were trying to make a connection between these layoff, and Lincoln's economy/city government, and there is really know such thing. The local economy in Lincoln had nothing to do with this layoff. If we were in Princeton, NJ, then maybe, but this decision was made in Toronto and Philledelpia, not by local Lincoln site management. "

 thats wrote on July 18, 2008 9:30 pm:
" what you get for letting someone from out of town have a business in lincoln. You know, those people who come into lincoln and make jobs. I wouldn't let anyone else from out of state into the state or city. I would let only people like the scotts start a business. "

Ads by Yahoo!