Amid declining revenues, Massachusetts biotech Harvard Bioscience says it plans to close its Connecticut operations as part of a restructuring program expected to save at least $4 million.
The company didn’t specify where in Connecticut it would close facilities, but the only Connecticut facility listed on its website is its Warner Instruments subsidiary in Hamden.
The Holliston, Mass.-based biotech started cutting staff at several locations in 2019 as it looks to cut more than 10% of its workforce by year-end, the company said in a fourth-quarter earnings report.
Harvard Bioscience began consolidating its Connecticut operation to Massachusetts in recent months, and is currently making similar reductions in the United Kingdom. The savings program, which will be mostly completed in the first half of 2020, will save the company between $4 million to $5 million, officials say.
“The board and the management team are changing the company to create a strong profitable growth platform designed to unlock significant value for our shareholders,” said CEO and Chairman Jim Green. “We are excited for 2020 and fully expect to complete the turnaround and deliver the targets we set” last year.
Sam Bonacci contributed to this report
