Elanco Animal Health Inc., in the greater Indianapolis area, says it will cut about 350 jobs globally. This is as part of an ongoing restructuring effort. In fact, this company says the move is to focus on improving operational efficiency. This is following the $7 billion acquisition of Bayer Animal Health last year.
Elanco Announcement Regarding Job Cuts
In fact, the news comes about four months after the company has announced more than 900 jobs would be cut in a restructuring.
Research, Development Sites will Close
Elanco plans to close research and development sites in New Zealand and Germany as part of the most current restructuring. In addition, to reducing duplication and optimize structures in U.S. operations, marketing, manufacturing and quality central functions, and administrative areas.
Elanco was asked if any of the affected jobs are located in Indiana. He did not immediately respond to the question.
There have been a number of milestones achieved since IPO. This includes the Bayer acquisition. The most recent actions are the next step in our commitment to drive operational efficiencies and deliver striking returns, Jeff Simmons, chief executive officer of Elanco said in a news release. Our team is clear on its priorities. This brings movement as we continue to execute and deliver against our and build IPP strategy.
In fact, the restructuring is going to cost between $58 million and $77 million in severance. As well as in other cash charges, Elanco says. Also as well as asset impartments and other non-cash charges. Moreover, the company says this move could save up to $50 million annually in 2022 and beyond.
Elanco last month said they announced plans to move its global headquarters to the former GM Stamping Plant site in Downtown Indianapolis. This is part of an overall $300 million investment. Simmons has called the move a significant next step in the company’s growth plans.