NEW YORK (GenomeWeb News) – Thermo Fisher Scientific took charges of $18.2 million during the first quarter associated with a reduction in headcount of about 315 employees, the company said in its Form 10-Q this week.
The charges are cash costs related to headcount reductions and facility consolidations and consisted of severance to the employees who were laid off. It is unclear whether all 315 layoffs occurred in the first quarter ended March 31, however.
The company took $7.9 million in cash costs in its Analytical Technologies segment related to the layoffs of about 170 employees, it said in its document filed with the US Securities and Exchange Commission.
In Specialty Diagnostics, cash costs amounted to $6.5 million in severance for approximately 75 employees, and in Laboratory Products and Services, Thermo Fisher recorded cash costs of $3.8 million in severance for about 70 employees.