With proxy fight deadline a month away, Illumina announces plans to cut $100M in costs
Illumina will cut $100 million in annual costs amid a proxy fight with activist investor Carl Icahn, the company said in quarterly results Tuesday.
The San Diego-based maker of DNA sequencers said it plans to examine its global real estate portfolio, its spending on third-party vendors, and will accelerate IT efforts as part of the cost-reduction plan that is set to go into effect later this year. It’s also looking at personnel costs, said a person familiar with the company’s plans, who spoke on condition of anonymity.
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