Harvard Bioscience Announces Realignment of Global Operations

Harvard Bioscience

today announced the realignment of its global operations to create organizational efficiencies and better position the Company for growth. As part of the realignment, Harvard Bioscience will reduce its global workforce by approximately 13 percent by eliminating certain operational redundancies across several sites, creating a leaner, more nimble organization. It plans to reinvest some of the savings into its China expansion, sales and marketing and product development initiatives, in order to drive growth. Harvard Bioscience expects to realize overall annual savings of approximately $2 million on a pre-tax basis, beginning in 2014. These savings include an immediate reduction of approximately $3 million in personnel related costs and expenditures, of which approximately $1 million will be reinvested. Management expects to take a restructuring charge of approximately $1.5 million on a pre-tax basis during the fourth quarter 2013 as a result of these actions. Jeffrey A. Duchemin, President and CEO of Harvard Bioscience, said, "Since taking over as CEO in