Harvard Bioscience to implement $4M in layoffs
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston-based biotech company Harvard Bioscience is undergoing a labor force reduction in an attempt to shore up its financial footing. This is at least the third headcount reduction the company has implemented since 2020.
The cuts will result in an overall annual savings of approximately $4 million beginning in the second quarter of this year, according to a press release issued by Harvard Bioscience on Tuesday. The company expects the cost of the restructuring to be approximately $500,000.
“We remain focused on organizational efficiencies and aligning our global operating structure with our strategic growth priorities,” Jim Green, CEO, president, and chairman of Harvard Bioscience, said in the press release. “This action is intended to underpin our financial performance while we continue to focus on our growth initiatives.”
The amount of employees that will be impacted by the cuts was not disclosed. The company did not respond to requests from WBJ for more details on the labor force reduction.
Harvard Bioscience has five manufacturing facilities, according to the company’s 2023 annual filing with the U.S. Securities and Exchange Commission. In addition to its Holliston headquarters and manufacturing facility, the company has locations in Minnesota, Germany, Spain, England, Sweden, and China.
Harvard Bioscience reduced its headcount in North America and Europe in 2022, according to its 2023 annual filing as part of another cost reduction move.
The company had 416 employees as of Dec. 31, a reduction from the 455 total employees the company disclosed in its annual filing for 2022.
The company laid off 10% of its workforce in February 2020 after it closed its facility in Connecticut.
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