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TSI Corporation

This article was originally published in The Gray Sheet

Executive Summary

Plans to reduce staff by approximately 10%. The cuts primarily will affect two of the Worcester, Massachusetts-based company's seven divisions: the Argus preclinical in vivo toxicology lab division and the Health and Sciences Research Inc. clinical testing facility. Administrative staff throughout the firm will also be affected. The reductions respond to an expected 15% revenue decline from the previous quarter, which TSI attributes to "a slowdown in the product development activity in its principal market, the biopharmaceutical industry." The cost-cutting measures also represent the company's consolidation of "certain functions" following seven 1991 and 1992 acquisitions.
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