NEW YORK (GenomeWeb News) – Agilent Technologies disclosed in a filing with the US Securities and Exchange Commission today that it will undertake a targeted restructuring that will result in the firm cutting 300 positions from its temporary workforce and 500 positions from its regular global workforce.
The firm did not disclose which parts of the company would be affected by the cuts or whether they would specifically target its Bio-Analytical Measurement unit or its Electronic Measurement unit.
“The timing and scope of workforce reductions will vary by location based on local legal requirements,” Agilent said in the filing. “We expect to complete a majority of the activities related to the restructuring program by May 31, 2009, with the remainder expected to be completed by October 31, 2009.”
Agilent said that it expects the restructuring and job cuts to reduce its annual operating expenses by around $65 million.
In addition to the layoffs, Agilent said that it would implement, as of Jan. 1, a temporary worldwide pay reduction and/or equivalent unpaid time-off program for its employees. The firm expects that effort to yield $100 million in annual savings.
As a result of the restructuring, Agilent said that it expects to record a $55 million pre-tax restructuring charge, primarily related to employee severance arrangements.
Last week, Agilent lowered its revenue and earnings-per-share guidance for its fiscal first quarter of 2009, which ends Jan. 31, 2009.
The firm said that due to “deteriorating economic conditions, particularly in electronic measurement markets,” it was lowering its revenue guidance to a range of between $1.25 billion and $1.3 billion. Last month, Agilent had predicted revenue of between $1.34 billion and $1.39 billion for the first quarter.