Hologic’s new president and CEO Jack Cumming is moving quickly to execute his vision for the company’s future. The Bedford, MA-based bone densitometry and digital x-ray vendor has announced a restructuring plan that will include a workforce reduction of 10%.
The initiative, including the layoffs and reduced operating budgets in each of Hologic's four business units, will yield annual cost savings of approximately $10 million, according to the vendor. The plan will require a restructuring charge, primarily related to severance costs, of approximately $1.3 million in the fourth quarter of fiscal 2001.
Hologic also hopes to improve its long-term revenue picture through new marketing programs, expanded distribution channels, and development of strategic business relationships, according to the company.
By AuntMinnie.com staff writersAugust 13, 2001
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Hologic appoints Cumming as CEO, August 1, 2001
Hologic names Stein as interim CEO, June 22, 2001
Hologic CEO Ellenbogen dies, June 21, 2001
Hologic teams up with Caligor, June 8, 2001
DR losses weigh on Hologic Q2 results, May 9, 2001
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