I am sure csl plasma will be happy to pickup any Grfiols ex employees

Spain's Grifols to dismiss more than 2,000 US employees in $427M cost savings bidPaul SchloesserAssociate EditorMany biotechs and pharmas have had to pull out the budget axe in a bid to cut costs this year — and now a major Spanish company is joining their ranks.The pharma and blood and plasma giant Grifols put out word Wednesday that it will lay off more than 2,000 employees in the US as part of a three-pronged savings plan, estimated to save the company around $427 million. Some of those savings will be seen in 2023, and the rest the following year.Executive Chair Steven Mayer said that the savings plan is necessary to improve financial performance after a review of the company’s operations. The plan will also “enable us to become more nimble, more responsive, more decisive, and more effective,” Mayer said.advertisementadvertisementThe company wrote in its statement that the plan is to build a “more streamlined, efficient and cost-effective global organization,” noting that the initiative will reduce Grifols’ cost base, improve cash flow and more.In order to make that a reality, the plan starts with what Grifols called “optimization of plasma costs and operations.” The plan includes closing or consolidating underperforming donor centers and improving certain efficiencies in remaining plasma donor centers — including reducing time on-site and opening hours.That optimization plan is where most of the layoffs are expected to be — approximately 2,000 in Grifols’ US plasma operations workforce.Next, Grifols shed some light on its plan to streamline “corporate functions” — primarily in terms of automating functions and removing duplicate positions. That prong of the plan will impact around 300 full-time employees — most of them in the US and one-third located in Spain.Finally, the biotech said it is looking at reducing operational costs around logistics and facilities — which it added is “in part due to a real estate rationalization.” That rationalization would affect certain undisclosed offices but not industrial sites.These measures will all be put into place before the end of 2023, the company wrote.Investors reacted favorably to the development, giving shares of $GRFS a bump-up of 9% Wednesday.Co-CEOs Víctor Grifols Deu and Raimon Grifols Roura pointed the finger at the Covid-19 pandemic, calling it an “extraordinary challenge” that became a key turning point for many companies.“The decisions underscoring our operational improvement plan will ensure the company’s long-term success and continued sustainable value creation for all Grifols’ stakeholders,” the CEOs said. They added that the decisions affecting employees “were not made lightly.”Grifols did not immediately respond to a query from Endpoints News.AUTHOR