|View printer-friendly version|
WILMINGTON, Mass., Aug 23, 2011 (BUSINESS WIRE) --
Charles River Laboratories International, Inc. (NYSE: CRL) announced today a new business alignment which unifies its Research Models and Services (RMS) and Preclinical Services (PCS) businesses. This unification will enhance our ability to provide clients with a seamless and integrated portfolio of the essential products and services required to support their drug development programs.
James C. Foster, Chairman, President and Chief Executive Officer, said, "As our clients continue to transform their business models, we must evolve with them. Unifying these two businesses will improve client access to our extensive in vivo expertise and enable us to provide more flexible solutions to their drug development needs. These solutions can be structured either globally or regionally, depending on the clients' requirements. We believe this new business alignment will enhance our position as the world's premier early-stage contract research organization."
"By strengthening the linkage between RMS and PCS, we lay the foundation for continued process improvement and enhanced operating efficiency across our portfolio," Mr. Foster concluded.
The unified business will now primarily be managed in two regions: North America and Europe/Asia. The following scientists and business leaders will be responsible for linking the businesses and maintaining scientific oversight.
Nancy Gillett, D.V.M., Ph.D., D.A.C.V.P., will assume the newly created position of Corporate Executive Vice President & Chief Scientific Officer, providing senior-level scientific guidance and oversight to Charles River's global businesses. In this role, Dr. Gillett will ensure that scientific excellence remains at the forefront in supporting our customers. Dr. Gillett will also have oversight and ongoing involvement in scientific aspects of our merger and acquisition activities.
Davide Molho, D.V.M., currently head of global RMS, will assume the role of Corporate Executive Vice President and President, North American Operations. In this role, Dr. Molho will be responsible for overseeing the unified RMS and PCS businesses in North America.
Jörg Geller, D.V.M., Ph.D., will be promoted to the position of Corporate Executive Vice President and President, European & Asian Operations. In this role, Dr. Geller will be responsible for overseeing the unified RMS and PCS businesses in Europe and Asia.
Mr. Foster continued, "Drs. Gillett, Molho and Geller have strong scientific backgrounds, proven operating expertise and global experience. Together, they are ideally suited to build a more cohesive, integrated business and enhance our worldwide reputation as leaders in in vivo biology."
The Company does not expect that its financial segment reporting will change as a result of this alignment.
Caution Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "will," "may," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements regarding the impact of specific actions intended to enhance the Company's business, improve operating efficiencies and profitability including unification of our RMS and PCS business along geographical lines. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: the ability to successfully integrate businesses we acquire; the ability to execute our cost-savings actions on an effective and timely basis (including divestitures and site closures); the timing and magnitude of our share repurchases; negative trends in research and development spending, negative trends in the level of outsourced services, or other cost reduction actions by our customers; the ability to convert backlog to sales; special interest groups; contaminations; industry trends; new displacement technologies; USDA and FDA regulations; changes in law; continued availability of products and supplies; loss of key personnel; interest rate and foreign currency exchange rate fluctuations; changes in tax regulation and laws; changes in generally accepted accounting principles; and any changes in business, political, or economic conditions due to the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 23, 2011, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this news release except as required by law.
About Charles River
Accelerating Drug Development. Exactly. Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our approximately 7,500 employees worldwide are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.
SOURCE: Charles River Laboratories International, Inc.
Charles River Laboratories International, Inc.
Susan E. Hardy, 781-222-6190
Corporate Vice President, Investor Relations
Amy Cianciaruso, 781-222-6168
Director, Public Relations