News Summary
Revvity Inc. plans to lay off more than 100 employees in Massachusetts as part of a consolidation strategy. With significant reductions at its Lawrence and Boston facilities, the company aims to streamline operations amid financial challenges. Revvity is offering relocation opportunities to affected workers, ensuring a smoother transition to its headquarters in Hopkinton. Despite facing a tough economic environment, the company is showing signs of recovery with significant revenue generation noted in recent quarters.
Hopkinton, Massachusetts – Revvity Inc. is set to eliminate over 100 jobs in Massachusetts as part of a strategic effort to consolidate its operations at its headquarters in Hopkinton. This decision will lead to the closure of the company’s manufacturing facility located at 360 Merrimack St., Lawrence, resulting in 58 layoffs. The Boston facility, which was previously announced to face cutbacks in September, will also see a reduction of 76 jobs.
In a move to support affected employees, Revvity is providing relocation opportunities for many workers impacted by the closures from Lawrence and Boston to its Hopkinton headquarters. The Hopkinton location is conveniently situated within an hour’s drive of the two closed facilities, according to Google Maps, helping to ease the transition for some workers.
As one of Massachusetts’s largest public companies, Revvity, which is headquartered in Waltham, specializes in health science solutions and technologies such as multiomics technologies and informatics. The company currently employs approximately 11,000 individuals globally. However, it has faced significant challenges including unclear funding for academic research and new diagnostic regulations in China, which have contributed to its ongoing restructuring.
Revvity’s financials have shown a decline, with net income dropping from $693.09 million in 2023 to $270.38 million in 2024. Total revenue for the company reported in 2024 stands at $2.76 billion, reflecting the tough environment they are navigating in the biomanufacturing and biotech sectors. While the stock price peaked at $189.04 per share in 2021, it has since decreased to around $84 per share, trailing behind the S&P 500 index.
Details of Job Cuts and Layoffs
The ongoing layoffs follow a structured plan that consists of four total phases, affecting 74 employees at the Boston location, with layoffs scheduled to occur progressively from November 2025 to December 2026. Similarly, the Lawrence facility closure is expected to affect 51 employees with layoffs starting as early as December 2025. It is important to note that none of the displaced employees are represented by a union.
Legal and Regulatory Context
The Worker Adjustment and Retraining Notification Act mandates that companies provide sufficient notice to employees regarding site closures or mass layoffs. Revvity is adhering to these requirements while reducing its workforce to streamline operations amid a tightening capital market and economic uncertainty.
Potential for Recovery
Despite the recent layoffs, Revvity’s second quarter of 2024 did show signs of financial recovery, generating $720 million in revenue. The company plans to announce its third-quarter earnings on October 27, which will provide further insights into its financial health moving forward.
Although Revvity has executed job cuts and facility closures, it has not ruled out the possibility of additional restructuring beyond the current consolidations. The company emphasizes its commitment to maintaining a presence in Massachusetts as it adapts to the shifting landscape within its industry.
Deeper Dive: News & Info About This Topic
- Boston.com: Revvity Cuts Jobs in Massachusetts
- Wikipedia: Revvity
- Patriot Ledger: Revvity to Lay Off Workers
- Google Search: Revvity
- Boston Real Estate Times: Revvity Closes Massachusetts Site
- Encyclopedia Britannica: Biotechnology
- NBC Boston: Revvity Layoffs at Boston Facility
- Google Scholar: Revvity Biotechnology
- Reuters: Revvity Trims Profit Forecast
- Google News: Revvity Job Cuts
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