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McGraw-Hill cuts 550 jobs

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New York—McGraw-Hill Cos., publisher of BusinessWeek and Aviation Week & Space Technology, announced Thursday that it is cutting about 550 positions.

The job cuts will result in a $24.3 million pretax restructuring charge.

Most of the cuts—340—are coming from the education division. In the information division, which includes Engineering News-Record, McGraw-Hill is cutting 125 positions.

“The actions we have announced today will help ensure we are ready to benefit from the increased demand expected in our key markets when the economy begins to improve, while also helping us manage costs in the current environment,” Harold McGraw III, chairman and president-CEO of the company, said in a statement.

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