Tuesday, leading book publisher The McGraw-Hill Companies (MHP) said it implemented a few restructuring actions in the fourth quarter, which included cutting 375 positions in four of its divisions, and consequently incurred a charge in the quarter.
The headcount reduction included 215 positions in McGraw-Hill Education, 50 positions in Financial Services division, 70 positions in Information & Media, and the remaining 40 in Corporate.
The New York-headquartered company noted that the restructuring measures taken in the quarter would help to focus its resources on more profitable areas of the business.
As a result of the restucturing, the company said it incurred an after-tax charge of about $16.4 million, or $0.05 per share, in the fourth quarter.
For the full year, McGraw-Hill has slashed a total of 1,045 positions, which in comibination with other actions announced thusfar in the year would result in a pre-tax restructuring charge of $73.4 million, or $45.9 million after-tax, or $0.14 per share, for 2008.
MHP is currently trading at $25.00, up $0.41 or 1.67% on the NYSE.
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