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West Announces Third Quarter 2009 Results
Date:11/3/2009

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Net interest expense was $0.4 million lower compared to the prior-year period. The Company's reported tax expense reflects an expected 2009 annual effective tax rate of 23.8% on operating earnings, as well as the tax effects of "Restructuring and Other Items." The comparable expected annual tax rate in the 2008 period was 26.1%. The primary reason for the rate reduction is the expected distribution of international earnings for 2009.

Restructuring and Other Items

West today announced operational restructuring plans in both the Tech Group and Pharmaceutical Systems segments, a substantial part of which will be reflected in the fourth-quarter 2009 reported results.

The Tech Group plan will consolidate manufacturing operations and support functions to better align capacity to contract manufacturing activity. Approximately 65 positions will be eliminated by the plan, which is expected to cost between $2.0 million and $3.0 million. Approximately $1.0 million is expected to be included in the results of operations in the fourth quarter of 2009 and the balance will be expended in 2010. The Company expects that it will experience revenue losses of approximately $1.0 million per year of lower margin business, but expects to generate overall annual operating cost savings of approximately $2.0 million in 2010 and $4.0 million once the restructuring is complete.

The Pharmaceutical Systems plan includes: exiting certain specialized laboratory service offerings; retiring information technology applications and associated support; and abandoning plans to expand its U.S. metals facility. Approximately 35 positions are being eliminated. The costs of the plan are expected to be between $6.0 million and $7.0 million, of which approximately $6.0 million is expected to be included in the results of operations in the fourth quarter of 2009. The balance will be expended in 2010. The plan is expected to generate cost
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SOURCE West Pharmaceutical Services, Inc.
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