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Why is the new owner of PPD sending work overseas and laying off many local workers?

Wayne Faulkner
StarNews

Q. PPD has been a success for Wilmington. Now that it has been bought, why is the new owner sending work overseas and laying off many local workers?

A. Twelve PPD employees of about 1,600 in Wilmington have been laid off in relation to expansion of its information technology operations abroad, PPD spokesman Ned Glascock said in a statement.

“PPD plans to further expand its information technology operations in Sofia, Bulgaria,” he said.

“Consolidating a majority of PPD’s IT operational support into one centralized European location will increase operating efficiency through improved service consistency….”

Two private equity firms completed their acquisition of the Wilmington-based contract research organization in December, taking the company private.

The Carlyle Group and Hellman & Friedman paid $3.9 billion, or $33.25 a share.

PPD LLC employs more than 11,500 and has offices in 45 countries.

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One Response to “ Why is the new owner of PPD sending work overseas and laying off many local workers?”

  1. On May 25, 2012 at 11:57 am Nick wrote:

    Typically, private equity firms buy a company, squeeze every single penny out of it that it can, borrow some money to squeeze even more, and then close the remains down and dump all the workers. And if possible, ship some more jobs overseas. Whether this is the intent of the PPD owners remains to be seen, but it’s the pattern most private equity firms follow.



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