CRO PPD Inc. (PPDI) is giving 270 of its employees the axe. PPDI said the axe will swing at offices across the U.S. and comes after a “lower than expected demand for its services.” Company spokesperson Louise Caudle said in a prepared statement that while PPD has a strong backlog of work throughout the world, business in North America has not picked up.

Even though PPDI has $650 million in cash and cash equivalents and no debt, the axe is still swinging as PPDI tries to weather the economy and cut expenses and increase efficiency. The company did not state how many employees would get the axe from each location, but did say it was laying off “fewer than 80” people at its Wilmington, NC offices. Most of the workers losing their jobs were notified by late Wednesday afternoon.

“We are providing transition pay and benefits as well as outplacement services. Despite the slowdown in North America, we remain very optimistic about the long-term prospects for PPD and the industry as a whole. Despite these efforts, growth in our North American business has not resumed.”

PPDI says they have enough resources to fund operations and future growth and that no additional pink slips are expected.

The bloodbath rages on…

Read at BizJournals, StarNewsOnline.

Anonymous Tip? Comments? Contact us: hr AT iguanabio DOT com

Related Posts