NEW YORK , Oct. 28 (GenomeWeb News) - Invitrogen is closing the Hayward, Calif.-based headquarters of Quantum Dot, which it is in the process of acquiring, and will lay off and possibly relocate the majority of the employees there, the company said yesterday in a conference call highlighting its third-quarter earnings.
Invitrogen CEO Greg Lucier said that "we are closing down the Hayward facility where they were located. We've had to do a substantial termination of employees and potential relocation of people to
News of the lay-offs accompanied Invitrogen's report of a 13-percent jump in third-quarter revenues. The company failed to meet Wall Street earnings estimates and internal revenue targets, however, which caused shares in the Carlsbad, Calif.-based company to plummet 13.29 percent, or $9.41, to $61.37 in mid-afternoon trading today.
Eric Endicott, an Invitrogen spokesperson, said the company will wrap up the lay-offs by the end of the year. As of Friday afternoon, an operator was still answering general phone calls at Quantum Dot.
Quantum Dot has around 55 employees, Endicott said, though he wasn't able to say how many of that number would be laid off.
Invitrogen announced plans to acquire Quantum Dot earlier this month, although the company hasn't officially closed the acquisition. Terms of the deal have not been disclosed.
A complete version of this article will appear in this week's issue of Cell-Based Assay News, a GenomeWeb News sister publication.