Rietiker Tightens Belt At Sulzer Medica By Cutting Staff, Consolidating
This article was originally published in The Gray Sheet
Executive Summary
Sulzer IntraTherapeutics, a unit within Sulzer Medica's Cardiovascular Division, will cut 21% of its staff as part of a company-wide effort to cut costs and improve operating efficiency, the company announced Oct 23.
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Sulzer Medica
Spine-Tech unit President Dennis Wallach also will lead the Cardiovascular Prostheses unit following the departure of its leader Terry Marlatt, announced Dec. 4. Wallach had replaced Paul Lunsford at Spine-Tech on Oct. 17 when Lunsford left to become president and CEO of Acorn Cardiovascular (1"The Gray Sheet" Oct. 29, 2001, p. 8). Merging the management of the two Sulzer units will help reduce costs, the firm says. Separately, John Calhoun Wells has been hired by Sulzer and plaintiffs as a mediator to help settle ongoing hip and knee recall cases. Wells was named by the Cleveland federal district court under a Nov. 29 agreement by the two sides in order to prevent the company from being forced into Chapter 11 by suits outside its $783 mil. proposed settlement (2"The Gray Sheet" Dec. 3, 2001, p. 20)...
Sulzer Medica
Spine-Tech unit President Dennis Wallach also will lead the Cardiovascular Prostheses unit following the departure of its leader Terry Marlatt, announced Dec. 4. Wallach had replaced Paul Lunsford at Spine-Tech on Oct. 17 when Lunsford left to become president and CEO of Acorn Cardiovascular (1"The Gray Sheet" Oct. 29, 2001, p. 8). Merging the management of the two Sulzer units will help reduce costs, the firm says. Separately, John Calhoun Wells has been hired by Sulzer and plaintiffs as a mediator to help settle ongoing hip and knee recall cases. Wells was named by the Cleveland federal district court under a Nov. 29 agreement by the two sides in order to prevent the company from being forced into Chapter 11 by suits outside its $783 mil. proposed settlement (2"The Gray Sheet" Dec. 3, 2001, p. 20)...
Sulzer Medica Ne-Osteo
Bone morphogenic protein product development program is terminated Oct. 9. Sulzer says it "does not feel the program will yield the required commercial results." Regulatory obstacles had been encountered by two potential competitors in the bone growth factor area - Stryker and Wyeth-Ayerst (1"The Gray Sheet" July 9, 2001, p. 14). The company plans to close a related Denver facility, lay off about 60 workers and concentrate its continuing U.S. biologics R&D efforts in Austin. Thomas Zehnder, VP-business and technology development, will replace former Sulzer Biologics President Jerry Marlar, who has resigned. One-time restructuring costs of $7 mil. and annual savings of $8 mil. are anticipated. Sulzer booked a second-quarter loss of about $399 mil. due to the Inter-Op hip recall