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Agilent Updates Headcount Reduction Plans; Indian Subsidiary Borrows $35M

NEW YORK (GenomeWeb) – Agilent Technologies this week updated its figures for headcount reduction and said that its subsidiary in India has borrowed $35 million for general corporate purposes on a short-term basis.

In its Form 10-Q filed with the US Securities and Exchange Commission, the company said that as of July 31 about 140 positions are pending elimination as part of a total headcount reduction of 650. The firm previously announced 450 layoffs as part of a restructuring program in 2013. That number was later reduced to 400 as about 50 employees were redeployed within the company as a result of Agilent's plan to separate its electronic measurement business into a company called Keysight Technologies.

A year ago, Agilent disclosed that it was laying off another 250 employees as it streamlined its manufacturing operations.

In the same 10-Q filing Agilent said that its Indian subsidiary borrowed the $35 million against a $50 million loan agreement secured with an unnamed financial institution. The subsidiary is repaying the $35 million at an annual interest rate of 9.95 percent.