SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 154(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report: October 16, 2000
MENTOR CORPORATION
(Exact Name of Registrants as Specified in Its Charter)
Commission File No. 0-7955
Mentor Corporation
201 Mentor Drive
Santa Barbara, California 93111
Telephone: 805/879-6000
A Minnesota Corporation I.R.S. Employer
Identification No. 41-0950791
On October 10, 2000, Mentor Corporation (NASDAQ: MNTR) announced
reduction and restructure in its corporate staff at headquarters
in Santa Barbara, California, in an effort to streamline
operations and improve efficiency. The following company
officers were affected by this restructure and employment with
company was terminated according to the Terms and Conditions in
their Employment Agreements: Malcolm Boddy, Trevor Pritchard and
Douglas Altschuler.
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, Mentor Corporation has duly
caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
MENTOR CORPORATION
Date: October 16, 2000 /s/CHRISTOPHER J. CONWAY
Christopher J. Conway, Chairman
Chief Executive Officer and President
Date: October 16, 2000 /s/ADEL MICHAEL
Senior Vice President
Chief Financial Officer
MENTOR ANNOUNCES REDUCTION IN CORPORATE STAFF
SANTA BARBARA, California, October 10, 2000 - Mentor Corporation
(NASDAQ:MNTR) today announced a reduction in corporate staff at
its headquarters in Santa Barbara as part of a restructuring move
to streamline operations and improve efficiency.
Previously, Mentor's corporate structure had been organized along
functional lines, in which the major functions such as marketing
and manufacturing were organized as separate entities, each with
its own president and other officers. "That type of organization
is effective for a global operation with activities at many
different locations," said Christopher J. Conway, president and
CEO of Mentor Corporation. "However, the sale of our ophthalmic
operations last year simplified our business, and provides an
opportunity to streamline the organization and remove some layers
of management. From now on we will operate as a single entity."
The restructuring has eliminated positions in marketing and
manufacturing management, administrative and support staff, and
R&D. The Company currently employs about 235 people in Santa
Barbara, and about 40 positions will be eliminated immediately as
a result of the changes.
"It is very difficult and painful to make decisions like this
which affect people's livelihoods," said Christopher J. Conway,
Mentor's president. "People who have worked hard and done a good
job are made redundant through no fault of their own. However,
these changes are necessary for the good of the company.
Sometimes a tree must be pruned to stimulate continued healthy
growth."
Employees affected by the restructuring will be provided with
severance packages and outplacement counseling to help with the
transition. Management estimates that these actions will result
in a non-recurring expense of about $1.3 million.
"The new organization will streamline operations, facilitate
communication and lead to better results," said Conway.
"Furthermore, we have been able to cut expenses significantly
without adversely affecting operations. I believe that these
changes will not diminish our selling efforts, reduce our
production capability, or slow new product development."
Mentor Corporation is a diverse medical products company
employing approximately 1,250 people worldwide.
This release contains, in addition to historical information,
forward-looking statements. Such statements are based on
management's current expectations and are subject to a number of
uncertainties and risks that could cause actual results to differ
materially from those described in the forward-looking
statements. Factors that may cause such a difference include,
but are not limited to, those described in the Company's Annual
Report on Form 10-K for the fiscal year ended March 31, 2000.
