PALO ALTO, Calif., Jan. 16 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today announced a plan to eliminate approximately 240 regular employee and 80 temporary positions and to close certain facilities.
"In the face of continuing uncertainty in the global economic environment, we are taking proactive steps to reduce our cost structure, and position us to respond to demand fluctuations while continuing to invest in new product development and maintaining our high standard of customer service and support," said Garry W. Rogerson, President and Chief Executive Officer.
"We expect these actions will cost between $8.5 million and $10.5 million and result in a reduction of our annual operating expenses of between $20 million and $24 million once fully implemented. In addition to these restructuring actions, we have also instituted a salary freeze and restrictions on hiring and discretionary spending," said Rogerson. "Looking forward, these actions, combined with the positive impact of efficiency improvement activities implemented in recent years, should help us to maintain solid adjusted operating margins and cash flow from operations even if revenues decline. We will continue to monitor the economic situation and make the appropriate business decisions to remain successful throughout this challenging period, position ourselves for the economic recovery, and deliver on our long-term strategic plan."
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements are based
on management's current expectations, are not guarantees of future
performance, and involve certain risks and uncertainties that could cause the
company's actual results to differ materially from manage
|SOURCE Varian, Inc.|
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