Harvard Bioscience Inc., a Holliston-based company that manufacturers tools and instruments used by companies in the life sciences industry, said Wednesday that it will reduce its global workforce by 13 percent as part of a plan to create organizational efficiencies and to better position it for growth.
The cut will result in about 50 jobs being eliminated, including about 10 in Holliston, the company said.
In a press release, the company said it expects to realize overall annual savings of $2 million on a pre-tax basis, beginning in 2014. These savings include an immediate reduction of about $3 million in personnel related costs and expenditures. The plan is for some of the savings to be reinvested in the company’s expansion in China.
“Since taking over as CEO in August, I have had the opportunity to conduct a thorough review of the company’s operations, meet with many of our customers, visit several of our global sites, and evaluate potential adjustments to the personnel, organizational structure and platform necessary to position us for growth. It is with this goal in mind that we have implemented these organizational changes.”
He added: “These changes allow us to become a more functional organization. We will also be focusing on increasing growth, expanding in Asia and other emerging markets, building stronger channel capabilities, and reinvigorating product development. We are implementing several initiatives aimed at driving efficiencies and improving our operational and cost structure. These measures announced today are designed to help us eliminate redundancies and realign our business. This reorganization will allow us to realize cost savings and build on our already solid foundations to create a world-class company.”