McGraw-Hill Education Cuts 304 Jobs
by Jim Milliot -- Publishers Weekly, 1/9/2008 7:34:00 AM
As part of a companywide downsizing at the McGraw-Hill Cos., the McGraw-Hill Education group has eliminated 304 positions and is taking a $16.3 million charge to account for the changes. In all, MHC is cutting 611 jobs, about 3% of its global workforce and taking a $43.7 million charge.
The cuts at MHE came in both its higher education/professional/international group as well as in the school publishing group. According to the company, it has consolidated certain sales, editorial, marketing and administrative functions in the higher education/professional/international group, primarily in its international offices. In the school group, the cuts reflect steps to centralize certain management functions. The job elimination in both groups also reflects the shift toward the production of more digital products.
This is the second significant downsizing at MHE within the last 18 months. In fall 2006, it cut 450 jobs when it consolidated its basal publishing operations to form the school solutions group. And the most recent cuts come despite what is expected to be solid gains in sales and earnings at MHE in 2007.
