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Thermo Fisher Reports $9.7M in Charges for Headcount Reduction in Q3

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific spent about $9.7 million in costs related to severance of employees during the third quarter, the company said in its Form 10-Q filed on Friday.

The company, which has approximately 39,000 employees globally, did not disclose how many staffers were laid off during the quarter.

Thermo Fisher said that it spent the bulk of the costs associated with headcount reductions in its Specialty Diagnostics segment, $4.2 million. Severance-related costs in the Analytical Technologies segment totaled $3.0 million, while Laboratory Products and Services' headcount reduction costs were $2.4 million.

Corporate costs incurred from severance actions totaled $100,000, the company said.

In the second quarter, the company took charges of $12.8 million associated with a reduction in headcount of 340 employees in the second quarter, though it is unclear when the headcount reductions occurred. Through the first half of 2013, Thermo Fisher trimmed its payroll by about 655 employees.

Charges taken by the company through the first nine months of the year associated with a headcount reduction were $42.6 million, it said in its Form 10-Q.

Thermo Fisher, which is awaiting the completion of its $13.6 billion purchase of Life Technologies, said two weeks ago that its third quarter revenues increased 3 percent year over year to $3.19 billion.