22nd Jan 2009 17:02
United Drug plc
Company Statement
United Drug plc has a long term track record of ensuring that we have the most effective structure, streamlined cost base and good people to maintain the delivery of a high quality service to our customers. The Group confirmed to shareholders last autumn that it had merged its wholesaling and pre-wholesaling divisions and would be seeking to restructure these businesses around our client needs. The Group has also made a significant number of acquisitions in recent years and is driving synergies and efficiencies with existing operations.
As a result of these factors, and in recognition of an ongoing acute set of economic circumstances, the Group is embarking on a restructuring programme that is expected to achieve significant savings. This programme includes: reduced salary and bonus costs at a senior level; redundancy programmes; and a targeted procurement initiative. These initiatives are focused on maximising our competitiveness in an environment where spending in all sectors will inevitably be constrained during 2009.
The Group will provide further details of targeted annualised savings in its next trading statement and at its AGM on February 17th. We are currently involved in a consultation process that may result in us making up to 5% of roles across the Group, and approximately 10% of roles across our Irish operations, redundant. The Group employs just over 4,500 people worldwide and approximately 900 people in the Republic of Ireland.
Ends. Thursday, 22nd January 2009
For reference:
Liam FitzGerald Pauline McAlester
United Drug plc Murray Consultants
Tel: +353-1-4598877` Tel: +353-1-4980300
Investors and Analysts
Mark Kenny/Jonathan Neilan
K Capital Source
Tel: +353-1-6315500
Related Shares:
UDG.L