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
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.