Wednesday, January 09, 2008

McGraw-Hill Cut 3% Of Its Workforce

Yesterday the McGraw-Hill Companies issued a press release here, announcing "it restructured a limited number of business operations in the fourth quarter of 2007 to fortify the Corporation's long-term growth prospects."

The press release goes on to say:

In the fourth quarter of 2007, the Corporation incurred a restructuring charge of $43.7 million, pre-tax, consisting mostly of employee severance costs related to a workforce reduction of approximately 600 positions across the Corporation. This reduction represents approximately three percent of the Corporation's global workforce.

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