Varian Inc., of Palo Alto, Calif., has announced plans to layoff 240 full-time and 80 temporary positions and to shutter some of its facilities.
Company execs also say they have implemented a salary freeze and restrictions on hiring and discretionary spending.
"We expect these actions will cost between $8.5 million and $10.5 million and result in a reduction of our annual operating expenses of between $20 million and $24 million once fully implemented,” said Garry W. Rogerson, president and chief executive officer.
The company, which employs 3,900 workers around the world, did not provide specific details on the divisions and facilities affected.
