Bio-Rad Laboratories to Cut Jobs, Close Facilities

Dow Jones08-05

Bio-Rad Laboratories plans to cut jobs and close certain facilities as part of a push aimed at bolstering its performance.

The company expects the restructuring plan to pose total pre-tax charges of about $80 million to $90 million, consisting primarily of one-time termination#27 benefits including cash severance payments and healthcare benefits, according to a Tuesday filing with the Securities and Exchange Commission.

The life science research and clinical diagnostics products company said the plan is part of its continuing efforts to improve performance and strengthen its competitive position. It expects the restructuring will be substantially completed by the end of fiscal year 2027.

Separately, Bio-Rad posted results after the close that showed second-quarter profit rose to $371.4 million, or $13.85 per share, up from $317.8 million, or $11.67 a share, a year earlier. Sales were essentially flat at $651 million, compared with $651.6 a year ago. Results for the latest quarter beat the FactSet estimate for sales of $624 million.

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