Forest Laboratories, Inc. (NYSE: FRX) today announced a series of significant strategic actions to streamline operations and reduce costs, leverage the Company’s balance sheet by issuing new debt, and return cash to shareholders through a new share repurchase authorization and an accelerated share repurchase program.
“After an extensive review of Forest’s operations and strategy, we are taking significant actions to make the Company more competitive, enable future growth through acquisitions and return cash to shareholders,” said Brent Saunders, Chief Executive Officer and President. “With our portfolio of new products, talented people and a long history of successful partnerships, we believe we are well positioned for a bright future if we take actions quickly and execute well. Furthermore, we believe the actions we are announcing today put us on a path towards rejuvenating the Company. Our objective is to drive long-term sustainable growth by focusing on the things we do very well and increasing our relevance to our stakeholders, including customers, colleagues, investors and partners,” added Saunders....show more
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