Business

Quintiles plans to cut 270 jobs worldwide

Quintiles Executive Chairman Dennis Gillings and CEO Tom Pike ring the Opening Bell at the New York Stock Exchange on May 10, 2013 in New York City.
Quintiles Executive Chairman Dennis Gillings and CEO Tom Pike ring the Opening Bell at the New York Stock Exchange on May 10, 2013 in New York City. 2013 NYSE Euronext

Quintiles is planning to cut 270 jobs worldwide, marking the third consecutive year that the company has implemented layoffs.

The layoffs planned by the Durham-based company, which amount to less than 1 percent of its global work force of 32,600, were disclosed Thursday in a filing with the Securities and Exchange Commission.

The layoffs are part of a larger restructuring plan that aims to lower operating costs and improve profitability that will extend through the end of next year. The filing doesn’t specify how many employees will be laid off in 2015 and how many are targeted for 2016, but it does state that “the majority of the severance” to laid-off workers will be paid this year.

Additional details, including how many of Quintiles 2,500 Triangle employees will be affected by the job cuts, weren’t available from the company.

“Quintiles routinely evaluates its resource needs and makes adjustments in line with our overall strategy,” said spokesman Phil Bridges. “To provide proper context, we currently have more than 1,200 open positions worldwide for which we are recruiting.”

Today Quintiles has 4,400 more employees than it had a year ago.

Quintiles has set aside $30 million for its two-year restructuring plan, which according to its filing will include “facility closure” as well as job cuts.

Asked for more details, Bridges responded in an e-mail that the restructuring “will take place over a two-year period. Our plans provide the company with the flexibility to make appropriate and reasonable adjustments to facilities as dictated by business needs.”

Last year Quintiles set aside $13 million for a restructuring that was expected to produce 400 job cuts. But the company reported in Thursday’s filing that in the end it cut just 250 positions, resulting in $9 million in restructuring charges.

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