Parexel mulls cuts involving 850 workers
A spokeswoman for Waltham-based contract research organization Parexel International Corp. said all departments in the global business are being asked to review operations as the company plans to eliminate about 5 percent of its global workforce.
Parexel (NYSE: PRXL), which has 1,200 employees in Massachusetts, said it plans to lay off 850 employees globally, but did not specify where the cuts would be focused. Cristi Barnett, the company’s senior director of global public relations, said that “all areas of the business are being asked to review their structures and operations. Some of these reviews will result in changes, whereas others will not.”
The company says it now has 17,440 employees in 51 countries.
The news was detailed to investors yesterday in what the company calls a “Margin Acceleration Program” designed to increase profits. It coincided with a slight lowering of what the company previously said it would generate in revenues for the quarter and full year ending next Tuesday. The company said it now expects to report between $517 million and $533 million for its fourth quarter, ending June 30, down from the $520 million to $540 it said in April. The company said it plans to report about $2 billion in revenues for the full year.
The company was just named one of the 50 fastest-growing companies in the state in terms of revenue by the Boston Business Journal, with a $40 percent increase in revenue from 2012 to 2014.