Harvard Bioscience Realigns Global Operations to Create Organizational
Efficiencies and Better Position It for Growth
-Reallocating Resources to Higher-Growth Areas-
-Expects to Realize Approximately $2 Million in Annual Savings on a Pre-tax
HOLLISTON, Mass., Dec. 4, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc.
(Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range
of tools to advance life science research, today announced the realignment of
its global operations to create organizational efficiencies and better
position the Company for growth.
As part of the realignment, Harvard Bioscience will reduce its global
workforce by approximately 13 percent by eliminating certain operational
redundancies across several sites, creating a leaner, more nimble
organization. It plans to reinvest some of the savings into its China
expansion, sales and marketing and product development initiatives, in order
to drive growth.
Harvard Bioscience expects to realize overall annual savings of approximately
$2 million on a pre-tax basis, beginning in 2014. These savings include an
immediate reduction of approximately $3 million in personnel related costs and
expenditures, of which approximately $1 million will be reinvested.
Management expects to take a restructuring charge of approximately $1.5
million on a pre-tax basis during the fourth quarter 2013 as a result of these
Jeffrey A. Duchemin, President and CEO of Harvard Bioscience, said, "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
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."
About Harvard Bioscience
Harvard Bioscience is a global developer, manufacturer, and marketer of a
broad range of specialized products, primarily apparatus and scientific
instruments, used to advance life science research. Our products are sold to
thousands of researchers in over 100 countries primarily through our 850 page
catalog (and various other specialty catalogs), our website, through
distributors, including GE Healthcare, Thermo Fisher Scientific, and VWR, and
via our field sales organization. Harvard Bioscience has sales and
manufacturing operations in the United States, the United Kingdom, Germany,
Sweden, and Spain with additional facilities in France and Canada. For more
information, please visit our website at www.harvardbioscience.com.
Some of the statements in this press release are "forward-looking" and are
made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These "forward-looking" statements include
statements relating to, among other things, the anticipated savings, cost
reductions, restructuring charges and reinvestment amounts. These statements
involve risks and uncertainties, including among other things, market
conditions and other factors that may cause the actual results to differ
materially from the statements set forth in this press release. The
forward-looking statements in this press release speak only as of the date of
this press release. Harvard Bioscience expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to such statements to
reflect any change in its expectations with regard thereto or any changes in
the events, conditions or circumstances on which any such statement is based.
The Harvard Bioscience logo is available at
For investor inquiries, please call (508) 893-8066. Press releases may be
found on our web site.
CONTACT: Harvard Bioscience
Jeffrey A. Duchemin
Chief Executive Officer
Tel: (508) 893-8999
Investor and Public Relations:
Dian Griesel Inc.
Cheryl Schneider/Susan Forman
Harvard Bioscience, Inc. Logo
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