McGraw-Hill to Cut Work Force by 5%
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Publishing giant McGraw-Hill Inc. announced plans to restructure some operations to enhance growth, including a 5% cut in its work force, but said profit growth remains on track.
McGraw-Hill, a publisher of textbooks whose properties include Standard & Poor’s financial services and BusinessWeek magazine, said it will take a pre-tax restructuring charge of $159million, including $129million in asset writedowns and $30million in employee severance costs.
The total after-tax charge is $112million, or 58 cents a diluted share.
About 925 employees, or 5% of the work force, will be eliminated, McGraw-Hill said. Shares of McGraw-Hill fell 40 cents to $58.05 on the NYSE.
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