Thermo Fisher (NYSE:TMO) layoffs are in the news Tuesday after the biopharma services company announced job cuts at its California plasmid manufacturing location.

According to these latest reports, Thermo Fisher is going to cut 74 jobs from the facility starting May 31, 2024. The layoffs are part of the company’s efforts to adjust staffing levels at the manufacturing plant.

Thermo Fisher has confirmed the layoffs in a statement to Fierce Pharma. In it, a company spokesperson noted that there are “times when we must adjust staffing levels to remain in line with current volume demands.”

It is also unclear what will happen to this manufacturing site following the layoffs. The company says it’s still weighing its options. It’s worth mentioning that this plant only opened three years ago.

Thermo Fisher Layoffs Expand on Larger Trends

Thermo Fisher is far from the only company that has been announcing layoffs recently. Several businesses have been looking to reduce headcounts as a way to reduce operating costs.

This has impacted many major players in the market. That includes retailers, tech giants and even pharmaceutical companies. Changing consumer practices amid increased inflation and interest rates are behind many of these decisions.

InvestorPlace

Facebook homepage → (5) Facebook