Aortech International PLC
24 May 2002
AORTECH INTERNATIONAL PLC
Restructuring and rationalisation of facilities
AorTech International plc ('AorTech'), the Scottish-based developer and
manufacturer of cardiovascular devices, announces a restructuring and
rationalisation programme, which will result in a number of redundancies within
the organisation.
The Company has signed a Sub-Contract Manufacturing Agreement with Becton
Dickinson (BD) for the manufacture of its TruCCOMS System in Singapore and, as a
result, there will be approximately 50 employees made redundant from the AorTech
site in Scotland.
Eddie McDaid, Chairman and Chief Executive said:
'We are reviewing the global operations of the Company in order to improve
performance and efficiency and today's announcement reflects the first stage of
that process and reflects, in the main, the rationalisation of our TruCCOMS
manufacturing which will now be produced under a Sub-Contract Arrangement with
Becton Dickinson, in Singapore. As a result we expect that there will be a
significant improvement in the performance of our Critical Care business.
However, it is regrettable that following the rationalisation a number of our
employees will be made redundant.
'We continually look at ways to improve the performance of the Group and these
steps were deemed necessary in order to increase our competitiveness. The
proposed acquisition of BD's Critical Care Division is continuing to progress
and further announcements regarding this matter will be made in due course.'
24 May 2002
ENQUIRIES:
AorTech International plc Tel: 01698 746 699
Eddie McDaid, Chief Executive
College Hill Tel: 020 7457 2020
Michael Padley
Clare Warren
This information is provided by RNS
The company news service from the London Stock Exchange
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