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Agilent Technologies Inc.. (12/20/23). "Press Release: Agilent Makes Strategic Updates to Organizational Structure". Santa Clara, CA.

Organisations Organisation Agilent Technologies Inc. (NYSE: A)
  Organisation 2 BioTek Instruments Inc.
Products Product laboratory equipment and instruments
  Product 2 diagnostics (medical/biological)
Person Person McMullen, Mike (Agilent 201409– COO + designated CEO for 3/15 before SVP + President Chemical Analysis Group)
     


Agilent Technologies Inc. (NYSE: A) today announced it has moved the company's Cell Analysis Division into its Diagnostics and Genomics Group (DGG) as part of a strategy to further strengthen growth opportunities for both organizations.

"We believe having the cell analysis team as part of DGG is a natural fit given the markets they serve and the clear linkages to our genomics and diagnostics customers," said Mike McMullen, Agilent president and CEO. "This is an exciting opportunity to bring our unique collection of cell and molecular-based solutions together in ways that better align with how our customers are working. This will in turn expand workflow coverage and drive accelerated growth."

Formerly part of Agilent's Life Sciences and Applied Markets Group (LSAG), the company's cell analysis work has been an important growth driver for the company. Created primarily through the acquisitions of BioTek Instruments, ACEA Biosciences, and Seahorse Bioscience over the last eight years, the cell analysis organization has developed differentiated, industry leading products and represents a key example of the success of Agilent's "build and buy" growth strategy.

Agilent will report under this new structure beginning with the company's first quarter fiscal 2024 results and will recast historical segment information to conform to the new reporting structure in financial statements and accompanying notes beginning with the Form 10-Q filing. To assist with the comparability of information, in January 2024, Agilent will provide a recast of the three prior years by quarter in accordance with the new reporting segments in a Form 8-K.


About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent's full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.83 billion in fiscal 2023 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom.

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Investor Contact

Parmeet Ahuja
Agilent Technologies
+1 408 345 8948
parmeet_ahuja@agilent.com


Media Contact

Tom Beerman
Agilent Technologies
+1 408 386 5892
tom.beermann@agilent.com




[ additional info from Annual Report on F-10K for 2023FY, pp. 99f ]


[.]

15. RESTRUCTURING AND OTHER RELATED COSTS

In the fourth quarter of fiscal year 2023, we initiated a new restructuring plan ("FY23 Plan") designed to reduce costs and expenses in response to the current macroeconomic conditions. The plan includes a reduction of our total headcount by approximately 400 regular employees, representing approximately 2 percent of our global workforce, and the consolidation of our excess facilities, including some site closures. In connection with this plan, we have recorded approximately $46 million in restructuring and other related costs in fiscal year 2023. These costs include severance and other personnel costs associated with the workforce reduction. The consolidation of excess facilities includes accelerated depreciation expenses of ROU and machinery and equipment assets, and other facilities-related costs. The timing and scope of the workforce reductions will vary based on local legal requirements.

99


AGILENT TECHNOLOGIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

These actions impact all three of our business segments. The costs associated with this restructuring plan have not been allocated to our business segments' results; however, each business segment will benefit from the future cost savings from these actions. When completed, the restructuring program is expected to result in the reduction in annual cost of sales and operating expenses over the three business segments. While the majority of the workforce reduction will be completed in the first quarter of 2024, we expect to substantially complete the remaining restructuring activities by the end of fiscal year 2024.

A summary of total restructuring activity is shown in the table below:

Workforce Reduction
Consolidation of Excess Facilities Total
(in millions)
Balance at October 31, 2022 $ — $ — $ —

Income statement expense 33 13 46

Accelerated share-based compensation expense (1) — (1)

Accelerated depreciation expenses of ROU and machinery and equipment — (8) (8)

Cash payments (1) — (1)

Balance at October 31, 2023 $ 31 $ 5 $ 36


The restructuring and other related costs, which totaled $36 million at October 31, 2023, are recorded in other accrued liabilities on the consolidated balance
sheet and reflect estimated future cash outlays.

A summary of the charges in the consolidated statement of operations resulting from the restructuring plan is shown below:

Year Ended October 31, 2023 (in millions)

Cost of products and services $ 11
Research and Development 6
Selling, general and administrative 29
Total restructuring costs $ 46

   
Record changed: 2024-01-31

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