With demand waning, Wilmington, NC-based PPD is reducing its U.S. workforce. Although the contract research organization continues to see strong demand in other markets, PPD says business in North America has not increased as expected. A total of 270 people across the country have been cut to bring the workforce of 5,800 in line with demand.
The company reportedly laid off approximately 80 employees at its headquarters in Wilmington on Wednesday and an unspecified number at its facility in Austin, Texas. There will also be layoffs at its operations in Research Triangle Park, NC.
PPD says it has enough funds on hand to maintain operations and support future growth. The company has $650 million on hand an no debt, according to company spokeswoman Louise Caudle, as reported in the Triangle Business Journal. "Even though the current market is challenging and requires us to take this action, we remain optimistic about the long-term outlook for our industry and for our company in particular," Caudle said (as quoted in the Statesman).