IVGN might be serious about its margins.
SAN DIEGO, Nov. 30 /PRNewswire/ -- Invitrogen Corporation (Nasdaq: IVGN)
today announced that the company will terminate approximately 150 employees, or 5% of its worldwide workforce, in order to eliminate duplication of positions and consolidate functions following its recent merger with Life Technologies, Inc. and Dexter Corporation. The merger was completed on September 14, 2000.
"These are anticipated and planned reductions in our workforce as we combine the companies into one, reorganize our businesses, eliminate redundancies, create operating efficiencies, and reduce overhead," said Lyle C. Turner, Chairman and Chief Executive Officer of Invitrogen. Turner said the reductions were made worldwide and affected both the Invitrogen and Life Technologies operations. Substantially all of Dexter's assets and operations were sold prior to the completion of the merger.
Invitrogen previously announced that it intends to reorganize the company into two lines of business, a Molecular Biology division and a Cell Culture division. The company will hold a simultaneous conference call and webcast on December 7 from 12:00-1:00 EDT to describe the details of its new business plan and the organization of its operations following the completion of the merger. Today's workforce reductions were made in anticipation of next week's reorganization announcement. Participants wishing to join next week's conference call should dial 212-346-7441 after 11:55 a.m. There also will be a simultaneous live broadcast of the company's slide presentation available on the company's web sites at invitrogen.com and www.lifetechnologies.com. |
