HOLLISTON, Mass. (AP) — Medical instruments maker Harvard Bioscience said Wednesday that it will eliminate about 50 jobs, or 13 percent of its workforce, to save money and plans to reinvest some of the savings in expanding its business in China.
The company said it will save $2 million a year from the moves. It expects $3 million in immediate cost cuts and plans to reinvest about $1 million into expansion of its business in China, sales and marketing, and product development.
The company, which is based in Holliston, Mass., said it will take a charge of $1.5 million in the fourth quarter.
Harvard Bioscience Inc. shares rose a penny to $4.43 in morning trading Wednesday.
In November, the company spun off its Harvard Apparatus Regenerative Technology unit. Harvard Apparatus Regenerative Technology Inc. develops medical devices that are intended to grow organs outside of a body for transplant.