PerkinElmer Reorganizes Optoelectronics Unit; Cuts Staff

BOSTON, March 4 -- PerkinElmer Inc. announced it has reorganized its Optoelectronics unit and will reduce its workforce by approximately 500 and take a restructuring charge of approximately $10 to $15 million.

The company said the restructuring actions are due to reduced volume in its Optoelectronics unit and lower-than-anticipated growth in the life sciences and analytical instruments markets.

"We see long-term growth potential for Optoelectronics' products and services in the biomedical and broadband communications segments," said Gregory L. Summe, chairman and CEO of PerkinElmer. "However, we have taken aggressive action in light of the effects of the recession on several of our served markets, notably telecommunications, semiconductors and photography. These actions will allow us to manage lower volumes in these soft markets in the short term, while positioning ourselves for market recovery."

PerkinElmer Optoelectronics has been restructured as a single business organized by function.