Scientific instruments developer Varian Inc. said it will eliminate approximately 240 regular employees and 80 temporary positions to reduce its cost structure.
The Palo Alto, CA-based firm said it also will close certain facilities. These initiatives will cost between $8.5 million and $10.5 million and will reduce annual operating expenses between $20 million and $24 million, Varian said.
The company has also instituted a salary freeze and restrictions on hiring and discretionary spending.
Varian manufactures MRI scanners for research applications, as well as other types of scientific applications.
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