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Thermo Fisher Records $55.6M in Charges Tied to Job Cuts in 2013

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific recorded about $55.6 million in restructuring charges related to the termination of employees during 2013, the company said in its Form 10-K on Thursday.

The company took charges in its Analytical Technologies segment of $18.5 million; in its Specialty Diagnostics segment of $17.8 million; in its Laboratory and Products Services segment of $16.3 million; and in corporate of $3.0 million.

Thermo Fisher stopped disclosing its headcount reduction figures starting in the third quarter. Through the first half of the year, it had trimmed its workforce by about 655 employees and took charges of $31.0 million associated with the layoffs.

It said in its SEC document that as of Feb. 27, it identified restructuring actions that are expected to result in $50 million of additional charges in 2014. It also expects to identify additional actions during the year, including some related to its acquisition of Life Technologies, which was completed earlier this month.

"The company expects significant restructuring charges in the first quarter of 2014 in connection with the acceleration of certain equity awards held by Life Technologies' employees and severance obligations payable to former Life Technologies' executives," Thermo Fisher said.

The firm noted that it has approximately 50,000 employees worldwide. In November before the Life Tech acquisition was completed, it said it had about 39,000 employees.