WALTHAM, Mass., March 18 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA), a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, announced today that as part of its continuing efforts to streamline its worldwide operations for the purpose of lowering operating costs and improving margins, it has commenced a process to close two facilities in the San Francisco area which currently house its Cholestech and HemoSense operations and a manufacturing plant in Louisville, Colorado which produces its BioStar OIA product lines.
The Cholestech operation, which was acquired by Inverness in September 2007 and manufactures and distributes the Cholestech LDX system, a point-of- care monitor of blood cholesterol and related lipids used to test patients at risk of, or suffering from, heart disease and related conditions will move to Inverness Biosite facility in San Diego, California. The HemoSense operation, which was acquired in November 2007 and manufactures and distributes the INRatio System, an easy-to-use, hand-held blood coagulation monitoring system for use by patients and healthcare professionals in the management of warfarin, a commonly prescribed medication used to prevent blood clots, is also expected to move to the Biosite facility in San Diego.
The transfers will take place in phases over the next 12-18 months and
Inverness expects to begin to see manufacturing savings of approximately
$10.0 million annually and general and administrative expense savings of
$5.0 million annually beginning in the second half of 2009. Aggregate
restructuring charges of approximately $12.0 million are currently
anticipated for all costs including but not limited to writ
|SOURCE Inverness Medical Innovations, Inc.|
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