Impax Laboratories (NASDAQ:IPXL) will soon hand out a raft of pink slips. As part of a move to slice costs, the company has announced a reduction in its headcount by roughly 110 employees. Most of these cuts will be effected at its manufacturing facility in Hayward, Calif.
The company said the cuts are necessary due to reduced production volumes at the factory. This is because of a transfer of certain goods to Impax's Taiwan factory, the discontinuation of some product lines, and delays in launching other offerings.
Impax said the cost-cutting measures should result in annual savings of around $15 million. It expects to take a charge of roughly $2.4 million in its Q2 related to the job cuts.
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