Laboratory Corporation of America Holdings (LabCorp) to Cut at Least $250 Million in Costs

Top officials with Laboratory Corp. of America announced plans Friday to cut at least $250 million in costs during the next three years, with most of that coming from a long-term reworking of its business process model dubbed Project LaunchPad.

The announcement of the cost-cutting efforts came a day after the Burlington-based health care diagnostics company completed its $6.2 billion purchase of Covance, a Princeton, N.J.-based drug development services company.

About $100 million of the savings will come from "synergies from business optimization, corporate overhead and purchasing and logistics," according to the company.

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