Genzyme Expects Writedown for Layoffs, Up to $23 Million
February 21, 2011
The Associated Press reports, Genzyme Corp. said it expects a new round of layoffs to result in charges of $16 million to $23 million. Genzyme, which is being acquired by drug maker Sanofi-Aventis, announced in November that it would lay off 1,000 workers by the end of 2011. It cut 392 positions that month. On Friday, Genzyme said in a Securities and Exchange Commission filing that it is cutting 170 positions in the second phase of the layoff plan. The cuts include 60 unfilled positions and 40 jobs in San Diego, Calif., where it is closing a facility. Genzyme said it is offering severance packages to laid-off workers in the United States and similar packages to employees outside the U.S. in accordance with local laws.