The largest diagnostic-testing company in the U.S. by revenue had been
hurt by a decline in doctor-office visits as consumers have reined in
health-care spending since the recession. Last year, the company
disclosed a restructuring initiative to reduce its costs by $500 million
over the next three years to help it meet profit targets. In April, it
named a new chief executive.
The company said the restructuring will reduce management layers and
accelerate the cost-cutting initiative. The latest changes should add
between $15 million to $20 million in charges. Quest has about 42,000
employees.
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