Holliston-based medical device manufacturer Harvard Bioscience has cut about 13 percent of its workforce around the world as part of a reorganization that it said will position the company to grow.
Of the approximately 50 employees that were cut, 10 were Holliston-based, said spokeswoman Susan Forman. The company said in a statement said it was “eliminating certain operational redundancies across several sites, creating a leaner, more nimble organization.”
The measure is expected to save Harvard Bioscience $2 million on an annual basis beginning in 2014. It includes a $3 million immediate reduction in personnel costs, $1 million of which will be reinvested in the company’s expansion in China and sales and marketing and product development initiatives, the company said.
CEO Jeffrey A. Duchemin said in a statement that the restructuring is a result of his review of operations after he took the job in August.
“These measures announced today are designed to help us eliminate redundancies and realign our business. This reorganization will allow us to realize cost savings and build on our already solid foundations to create a world-class company,” Duchemin said.
Management expects to assume a restructuring charge of approximately $1.5 million on a pre-tax basis during the fourth quarter of 2013 as a result of these actions, according to the company.
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