COSTA MESA, Calif.--(BUSINESS WIRE)--May 18, 2006--Valeant Pharmaceuticals International (NYSE:VRX - News) today announced that it has sold its manufacturing facility in Warsaw, Poland to Strides Polska Sp. z o.o. Details of the transaction were not disclosed.
Timothy C. Tyson, president and chief executive officer, said: “The Warsaw plant sale is another step forward in the execution of our manufacturing improvement plan. We continue to make excellent progress in the rationalization of our network, which we believe will assure the achievement of our goal to reduce cost of goods sold to 20-25 percent by 2008.”
About Valeant
Valeant Pharmaceuticals International (NYSE:VRX - News) is a global, science-based specialty pharmaceutical company that develops, manufactures and markets products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including, but not limited to, statements regarding the anticipated completion of the company’s manufacturing network rationalization, that are based on management’s current expectations and involve risks and uncertainties, including, but not limited to, success of the company’s strategic restructuring initiatives and the ability of management to execute them, cost-cutting measures, success of the company’s strategic plan and the ability to achieve financial targets and cost reduction goals, general economic factors and business and capital market conditions, general industry trends and changes in tax law requirements and government regulation, and other risks detailed from time to time in Valeant’s SEC filings. Valeant wishes to caution the reader that these factors, as well as other factors described in Valeant’s SEC filings, are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. Valeant also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this release. The company undertakes no responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this release or to reflect actual outcomes.
Contact: Valeant Pharmaceuticals Jeff Misakian, 714-545-0100, ext. 3309
Source: Valeant Pharmaceuticals International
