Based on the actions of Tyco when they bought Mallinckrodt, 33%+ of the workforce has reason to be afraid. Certainly there will be no executive positions that will remain untouched. At Mallinckrodt, they cleaned out the executive offices of everyone including the accountants and secretaries. They fired most all of the sales people, so if you are sales management or a salesperson not in the top 10% - goodbye! As far as divisions, Tyco bought Mallinckrodt for the Respiratory division and will be selling everything else. The firings will start as soon as the papers have been signed and within a month, Bard will not look like the same place. Count on consolidations with Kendall employees being in the lead.
I would not wish the next six months at Bard on anyone.
Can you tell me if Tyco has a credit union? I can't get anyone to answer this very simple question.
Also, can you tell me what the Tyco policies are regarding vacation and sick time?
Bard Urology must be kept, in fact that to me is the whole reason for the acquisition. Kendele may be sold off. Remember Bard Urology is the biggie in disposable urological products. EP could go anywhere maybe St Jude...who knows although St Jude already have great gear so why would they ewant Bard EP?
I dont know what has happened to Angiomed but if it is still with Bard, Tyco may see the opportunity to develope an interventional products division which might make a home for soem of the other Bard products and would marry up with the Urological division quite nicely to. Unfortunately I am not at Tyco so my guess is as good as anyone else's.
I do think thjough that if Tyco manage this right they will make more money on Bards products than Bard were capable of. Bard have some great products but through many disorganisations in their own system were not able to maximise thge product opportunities they had...IMHO
Yes there were a lot of people let go at Mallinckrodt, but let's not mislead people. About 25% of the sales force has been let go and most of that was going to happen before Tyco. Most of the sales reps and mgr's that were let go checked out a long time ago and needed a change. We are still working out the kinks but Mallinckrodt is better to have Tyco then C.Ray running the show. If you had worked at Mallinckrodt you would know the truth, Tyco wants winners not also rans.
I worked at Mkg and now under Tyco
Under C.R."yes men" had the power
Under D.K. "yes,I will cut men" have the power
Frustrations are different...
The business model of Tyco healthcare is "no organic growth" Tyco doesnot bet on R&D
The growth is supported by acquisitions acquisitions.......
The numbers diplayed to wall street are good and will be good for a couple of months
The financial frame of this company (Bemudas, Luxembourg) is setup for acquisitions, all the $$ spent on closing plants, firing people,... after a take over are not really added.
Remember Tyco saying:
"The transaction will be immediately accretive to Tyco's earnings and free cash flow per share." Thats the key
For Mallinckrodt a lot of cuts have been done before the deal was approved but it was reported that Tyco initiaded that as part of the deal.
But soon or later the lack of organic growth will show up and then either the business model will have to be adapted or Tyco will become a target.
There is a Tyco spirit and a Tyco healthcare spirit & those are different:
I think that T.H. can quickly make the numbers on commodity businesses,but T.H. is not good on technology driven markets.
All that comes from Kendall/US Surgical background
It seems that Kendall employees(TYCO employees who have a Kendall background) are now in charge at Mallinckrodt in a number of positions or in fact employees from Mallinckrodt have been moved under Kendall employees. My point is that no one at Mallinckrodt in a key management position was kept and BARD should expect the same treatment. After all, selling Urologicals and case goods is something TYCO all ready knows how to do extremely well.
I have several friends that have reported the same. No one survives and who would want to stick around anyway. Thanks big guy for your nice send off - you could not of picked a better partner - least they make their decisions quick. The company will never be the same and how could it be anyway. You should never look back. What we had before no one can take away and let's go to a company where we can make a difference. I'm sure TYCO is a good company but with most insecure people they want to be in control and for them being in control can only happen when they hire you. Best wishes to everyone. Remember most people make out better.