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Serologicals Restructures Research Segment, Hopes to Save $3.5M Annually

NEW YORK, July 15 (GenomeWeb News) - Serologicals is cutting costs in its research segment by $3 million to $3.5 million a year by restructuring certain functions, the Atlanta, Ga.-based company said yesterday.

 

The company will integrate several functions of its Upstate and Chemicon units through the remainder of the year, including business segment management, R&D/business development, marketing, technical support, scientific sourcing, intellectual property/licensing, and finance and accounting.

 

Serologicals said it expects to incur between $2 million and $3 million in one-time costs related to severance payments, retention payments, and relocation costs that it will record in the third quarter.

 

Details about job cuts were not provided, and calls to Serologicals were not returned by deadline.

 

Serologicals, which has more than 1,000 employees worldwide, operates three companies: Chemicon International, based in Temecula, Calif.; Upstate Group, based in Charlottesville, Va.; and Celliance, based in Atlanta.

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