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Thermo Fisher Eliminates 530 Jobs in H1 2012, Buys Pre-eclampsia Test Firm for up to $7.5M

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific disclosed in its quarterly earnings document that it has eliminated about 530 jobs through the first six months of 2012.

It also disclosed an acquisition for a price of potentially up to $7.5 million.

In its second-quarter Form 10-Q filed with the US Securities and Exchange Commission on Friday, the company, which has about 39,000 employees worldwide, said that it laid off about 300 employees in its Analytical Technologies segment through the first half of the year, incurring $10.7 million in severance costs as well as $2.9 million of abandoned facility costs, and $1.0 million of other cash costs, primarily for retention, relocation, and moving expenses associated with facility consolidations.

It also said that in Specialty Diagnostics, it laid off about 120 workers, incurring $8.4 million in severance. Additionally, it recorded $400,000 in abandoned facility costs and $200,000 in other cash costs.

In addition, Thermo Fisher laid off approximately 110 employees from its Laboratory Products and Services segment at a cost of $3.6 million in severance, $1.7 million in abandoned facility costs, and $1.8 million in other cash costs.

The number of layoffs is about 300 more than the 230 layoffs that the firm said it had carried out in its Q1 Form 10-Q filed in the spring. The company also said in last week's SEC document that as of Aug. 3, it has identified about $60 million in charges related to restructuring actions, primarily in the remainder of 2012, though it is unclear how much of that, if any, may be related to additional headcount reductions.

In 2011, Thermo Fisher eliminated several hundred jobs.

It also disclosed in its SEC filing that in the first half of the 2012 it purchased a business "that holds proprietary technology for tests to diagnose pre-eclampsia and eclampsia." It paid $2.5 million for the buy with contingent consideration of up to $5 million, but provided no further information about the terms of the deal or the identity of the company.