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Firm lays off 1,000 people

Wednesday, Sept. 12, 2001 | 9:46 a.m.

RESEARCH TRIANGLE PARK, N.C. -- Quintiles Transnational Corp. will lay off about 1,000 workers, or 5.5 percent of its worldwide work force, as it consolidates data management and clinical monitoring operations, the world's largest contract research firm said Tuesday.

The restructuring was targeted to cut costs by $50 million to $55 million a year beginning in 2002. The company planned to spend $50 million against its third quarter earnings this year.

The restructuring charge consists primarily of severance and lease termination costs related to the consolidation of offices, the company said.

About 18,000 Quintiles workers in 38 countries help pharmaceutical companies design, conduct and analyze clinical trials of experimental drugs. The company also rents out salespeople to the drug industry.

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