The lab testing company plans to cut 400-600 jobs by the end of '13 to save about $65 mil. The cuts are part of broader restructuring at Quest Diagnostics (DGX) intended to reduce costs by $500 mil. Growth has slowed for Quest, which has 42,000 employees, as the economy and uncertain reimbursements result in fewer lab tests. It also expects to take $15 mil-$20 mil in charges related to reducing management layers. Quest shares rose 1.3% to 64.24.
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- Quest Diagnostics