Agilent Technologies has begun implementing a plan to cut approximately 400 jobs and close a number of its facilities by the end of the 2024 fiscal year, according to a 10-K form the company filed with the U.S. Securities and Exchange Commission (SEC).
In the SEC report, available on the firm’s website, the company said that the 400 positions represent approximately 2% of its global workforce and that all three of its business segments—the Diagnostics and Genomics Group, Life Sciences and Applied Markets Group, and CrossLab Group—will be affected.
Agilent noted that the majority of the layoffs are expected to take place in the first quarter of 2024, but that it expects to “substantially complete” the restructuring program by the end of fiscal year 2024. The company anticipates that the restructuring program will reduce annual sales and operating expenses by approximately $80 million over the three business segments.
Agilent also revealed in the 10-K report that it sold its Resolution Bioscience business to Exact Sciences for $50 million during the quarter ended October 31 following an unsolicited offer. The firm had originally planned to close Resolution, saying it didn’t see “a realistic path to profitability” for the liquid biopsy unit.