© Reuters. FILE PHOTO: A sign at the front entrance of Illumina’s global headquarters in San Diego, California, US, November 28, 2022. REUTERS/Mike Blake/File Photo
(Reuters) – The maker of genetic sequencing equipment said Monday that Alumina has begun cutting jobs, as it seeks to mitigate the impact of steady inflation and a strong dollar on its business.
The company also plans to reduce its workforce further in the third quarter and exit its California office as part of a plan to reduce annual run rate expenses by more than $100 million in 2023.
Illumina Corporation (NASDAQ:), which has been embroiled in a proxy battle with activist investor Carl Icahn, said earlier this month that CEO Francis D’Souza had resigned.
The company said the workforce reduction began on June 21 and will result in between $25 million and $35 million in fees, with most of that incurred in the second quarter.
Illumina’s core global workforce consisted of approximately 10,200 full-time employees as of January 1, according to a regulatory filing.