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Thermo Fisher Eliminates 410 Jobs in Q3

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific eliminated about 410 positions in the third quarter, the company disclosed in its Form 10-Q recently.

In the document filed with the US Securities and Exchange Commission recently, the company said that the layoffs occurred as part of efforts throughout the year to streamline operations, including the closure and consolidation of several facilities in the US and Europe.

The latest layoffs follow 530 jobs eliminated in the first-half of 2012.

In the Analytical Technologies segment, 170 employees were laid off in the third quarter, and the firm took a charge of $5.1 million for severance. It also recorded charges of $2.0 million of abandoned facility costs, and $800,000 of cash costs related to retention, relocation, and moving expenses associated with facility consolidation.
  
In Specialty Diagnostics, 100 employees were laid off, and the company recorded $1.5 million of severance costs for the layoffs.

Thermo Fisher, which employs around 39,000 people globally, laid off 140 employees in Laboratory Products and Services, resulting in a charge of $4.1 million for severance during the quarter. The segment also took charges of $400,000 in abandoned facility costs, and $800,000 in costs related to retention, relocation, and moving expenses associated with facility consolidation.

In total, Thermo Fisher recorded $37.3 million in restructuring and other costs during the quarter. As of Nov. 2, it said in its SEC document, it identified restructuring charges that will result in additional charges of $60 million, mostly in the remainder of 2012 and the first half of 2013.

It is unclear if any of those charges are related to additional layoffs.

Thermo Fisher reported in late October 5 percent revenue growth for its third quarter.

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