Wires

Quest Diagnostics to cut 400-600 jobs through 2013

Share

NEW YORK, Oct 11 (Reuters) - Lab testing company QuestDiagnostics Inc said on Thursday it will cut 400 to 600jobs by the end of 2013 as part of its effort to reduce costs by$500 million.

The job cuts, which will save $65 million, are part of arestructuring in which the company will have only two divisions,Quest said in a statement. That change is due to take place byJan. 1, 2013.

The company will take an additional $15 million to $20million in charges to cover the costs of reducing managementlayers, which will include the departure of senior leaders.

Quest's growth has slowed in 2012 as the economy anduncertain reimbursements have resulted in fewer lab tests. Thecompany has 42,000 employees.

(Reporting by Caroline Humer; Editing by Jeffrey Benkoe)

((caroline.humer@thomsonreuters.com)(+1 646 223 6181)(ReutersMessaging: caroline.humer.reuters.com@reuters.net))

Keywords: QUEST/JOBS