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The Wilmington-based contract research organization will limiyt the layoffs to its North American which includeabout 3,400 employees in North Carolina. PPD has officex in 38 countries andabout 10,50 professionals worldwide. PPD (NASDAQ:PPDI) has a strong backlog of work throughout the company spokeswoman Louise Caudle says in aprepared statement. But businesd in North America has notpicked up, she says. Caudled says the reduction of 270 positionsx will bringthe company’s North American work forcde in line with the demand for servicesw in the region.
She says the company holdz morethan $650 million in cash and cash equivalents and has no She adds that PPD has enough resources to fund operationsz and future growth. No additionao layoffs are planned. The announcemengt comes just weeks after PPD backed away from its plans for an operatioj onthe N.C. Research Campus in The company terminated its lease for a new facility onthe 350-acrde campus, citing a construction delays and slow progress in recruitingg tenants to the PPD announced plans in Apripl 2008 to locate on the site. At the the company expected to eventuallg have as many as 300 employees at itsKannapolise facility.
PPD works with pharmaceutical and biotechnology companies to assist them with getting drugs to from recruiting patients for clinical trials to submittingg data toregulatory authorities. The company also worksa with medical-device companies, academic institutions and governmentg organizations.
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