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This excerpt taken from the ELN 20-F filed Mar 30, 2006. (B) Severance,
relocation and exit costs
During 2005, we incurred severance, relocation and exit costs of
$14.4 million arising from the realignment of our resources
to meet our current business structure. These expenses arose
from a reduction in the scope of our activities, termination of
certain operating leases and a reduction in employee headcount.
During 2004, we incurred severance, relocation and exit costs
arising from the implementation of our recovery plan of
$3.0 million (2003: $29.7 million). The recovery plan,
which commenced in July 2002 and was completed in
Table of Contents
Elan
Corporation, plc
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
February 2004, involved the restructuring of our businesses,
assets and balance sheet. These expenses arose from a reduction
in the scope of our activities and a reduction in employee
headcount.
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