SiliconBeat

The “impacts of future restructuring” that Agilent Technologies hinted at last week took on more shape today when the company filed its plans to layoff 500 employees, or about 3 percent of its full-time staff, along with 300 temporary workers.

The company also said it would be implementing a temporary pay reduction worldwide in conjunction with an unpaid time-off program for its remaining employees.

The moves come “in response to deteriorating economic conditions and is designed to enhance the potential of some of its business units to reach their operating model goals”.

The company said most of its restructuring steps should be completed by May 31, with all steps being taken before the end of its current fiscal year on Oct. 31 next year. The layoffs and other restructuring items are expected to save the company $65 million a year in costs, while the pay reduction program is forecast to yield $100 million in savings a year.

The restructuring plan will cost the company an estimated $55 million to implement, “mostly related to employee severance arrangements.”