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Thermo Fisher Eliminated More than 1,000 Jobs in 2012

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific eliminated 1,120 jobs in 2012, the company disclosed in its Form 10-K filed this week.

As a result, it incurred about $44 million of cash restructuring costs related to severance, it said in its document filed with the US Securities and Exchange Commission. As of Dec. 31, 2012, Thermo Fisher had about 38,900 employees globally.

The headcount reduction comes on top of 1,480 jobs that were eliminated in 2011.

The hardest hit of the company's three business segments was Analytical Technologies, where approximately 590 employees were let go in 2012. The company recorded a cash cost of $21.7 million of severance 2012 as a result.

Specialty Diagnostics saw a headcount reduction of 240 employees, for which Thermo Fisher recorded cash costs of $11.3 million of severance. And in Laboratory Products and Services, 290 jobs were cut and the company recorded cash costs of $10.9 million of severance.

Thermo Fisher added that as of Feb. 27, it had identified restructuring actions that are anticipated to result in additional charges of about $80 million in 2013, primarily in the first half of the year. Additional actions are expected to be identified during the year, the company said.

It is unclear how much of the restructuring actions this year are targeted at headcount reductions.

At the end of January, Thermo Fisher reported revenues in 2012 rose 8 percent to $12.51 billion, though profits contracted to $1.18 billion.

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