"These initiatives will improve our operating profile going forward," asserts William H. Longfield, chairman/CEO of the company, whose products are mostly in the fields of urology, oncology and vascular medicine. "The savings will allow us to increase our investment in R&D. We are also committed to divisional decentralization at the strategic level of our operations."

In terms of the job movement, they'll be coming from current Bard locations in Arizona, Georgia, Massachusetts, Rhode Island and Utah. The move is slated for completion by 2004, and when accomplished is expected to save the company between $20 million and $30 million a year in operating expenses.

The 500 jobs would be added to the current 300 at the company's Murray Hill headquarters, sending company officials in search of a new site. Bard is said to be looking to either build from the ground up or acquire a corporate campus or facility somewhere west of it current Union County site. That would make Somerset and Morris counties likely destinations for the company. The site search is currently in the very early stages, and the tight real estate marketplace would seem to make construction of a new facility the most likely scenario.

Other components of the company-wide restructuring include a reduction in the number of manufacturing facilities it operates. The effort will occur in three phases over a three-year period. Bard is also "exploring alternatives for consolidating administrative functions outside of the US," according to Longfield. "Several options are under review, including partial outsourcing or partnering with another company," he adds, explaining that the specifics will be outlined later this year.

C.R. Bard last year had sales of some $1.1 billion. Its worldwide workforce is in the 8,000-employee range.