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Thermo Fisher Records Severance Charges of $12.8M in Q3

NEW YORK (GenomeWeb) – During its fiscal third quarter, Thermo Fisher Scientific took $12.8 million in charges related to severance, the company disclosed in its Form 10-Q filed recently with the US Securities and Exchange Commission.

Most of the charges, $8.9 million, occurred in the firm's Life Sciences Solutions segment, formed after the $13.6 billion acquisition of Life Technologies in February.

The charges follow about $40.4 million in costs that the firm recorded in the second quarter related to a headcount reduction and severance obligations to former Life Tech executives and employees and $82.7 million for such costs in the first quarter.

Additionally, the firm took $1.4 million in severance charges in its Analytical Instruments segment, which houses Thermo Fisher's mass spectrometry business among other products used in a variety of end markets, and charges of $2.5 million for severance in Specialty Diagnostics.

Across the three segments, Thermo Fisher recorded $37.6 million in net restructuring and other charges associated with headcount reductions and facility consolidations. The firm also recorded $6 million in restructuring and other charges in its corporate operations, including $800,000 for severance.

In October, Thermo Fisher reported that its Q3 2014 revenues increased 31 percent year over year to $4.17 billion, largely due to the Life Tech acquisition.

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