Telecom Lead India: Test and Measurement major Agilent will slash 450 jobs globally.
Agilent has a strong presence in India. It is not known what would be the impact in India. Agilent’s revenue from communication business in India is not in line with expectations due to slow growth in roll out of telecom services across the country.
For instance, Aglient’s global revenue from the electronic measurement business declined 13 percent in the second quarter compared with the prior year. The decline was mainly due to weakness in wireless manufacturing. Operating margins were 21 percent.
The 450 employees would translate into approximately 2 percent of its global workforce, the T&M company said in a statement on Tuesday. The company’s total work force is around 20,500.
The timing and scope of workforce reductions will vary based on local legal requirements. When completed, the restructuring program is expected to result in an approximately $50 million reduction in annual operating expenses.
Agilent Technologies’ overall revenue growth was flat at $1.73 billion for the second fiscal quarter ended April 30, 2013.
Second-quarter net income decreased to $166 million from $255 million.
During the second quarter, Agilent had restructuring costs of $55 million, intangible amortization of $51 million, and acquisition, integration and transformation costs of $9 million.
Agilent CEO Bill Sullivan said, “We expect the macroeconomic environment to remain challenging throughout the second half of 2013 and are taking additional actions to strengthen our operating performance.”
Third-quarter 2013 revenues are expected to be in the range of $1.63 billion to $1.66 billion.
For the full fiscal year 2013, Agilent now expects revenue of $6.75 billion to $6.85 billion.
