shares in spanish plasmaproducing company grifols sa gained in early trading on thursday after it announced a costsaving initiative as part of an operational improvement plan at 0946 gmt shares were up 76 at eur1462 the company targeted annualized cost savings of about 400 million euros 4275 million by the fourth quarter of 2023 as well as cuts to about 8 of its workforce in the us the workforce cut will be of about 2000 positions in 2023 grifols said the plan includes an estimated onetime restructuring charge of about eur140 million which will be accrued in the first quarter of 2023 the company said goal of the plan is to optimize plasma costs and operations streamline corporate functions and enhance other efficiencies said grifols the plan is evidence that the new chairman steve mayer has the ability to change things at the company jefferies analysts said in a note according to equita sims analyst gianmarco bonacina the news is positive the plan would represent a 7 cut in total costs leading to a 20 increase in earnings before interest taxes depreciation and amortization by 2024 he said in a note