Harvard Bioscience plans to focus its efforts and funds on expanding its footprint in China and advancing its sales & marketing and product development efforts, the company said.
The cuts come early in the tenure of brand new CEO Jeffrey Duchemin, who took over 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," Duchemin said in prepared remarks. "It is with this goal in mind that we have implemented these organizational changes."
HBIO shares gained on the news, closing last night at a 3.4% gain.