Quest Diagnostics raises cost savings initiative $100M, to $600M Consistent with management's previously announced intent to deliver greater cost savings in a shorter time frame, the company plans to announce it has now increased its cost savings commitment related to its Invigorate initiative by $100M. It will indicate that it now expects to exit 2014 with run-rate savings of $600M, increased from the previously announced goal of $500M. Management also is now committing to deliver $500M of savings in 2014.
Quest to acquire MemorialCare's laboratory outreach service business Quest Diagnostics and MemorialCare Health System announced they have entered into a definitive agreement for Quest to acquire MemorialCare Health System's laboratory outreach service business. The transaction is expected to be neutral to earnings in 2015. Quest and MemorialCare Health System expect to complete the acquisition in August. Financial terms were not disclosed.