McGraw-Hill eliminates 375 jobs in restructuring

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New York—McGraw-Hill Cos. announced Tuesday that it restructured some business operations and corporate functions in the fourth quarter of 2008. The company said it cut 215 positions in its education unit, 50 in financial services, 70 in information and media, and 40 in corporate.

In connection with these actions, the company incurred a fourth-quarter restructuring charge of $26.3 million, pre-tax, consisting mostly of employee severance costs.

“Our diverse portfolio of businesses and ongoing cost containment efforts have helped lessen the impact of challenging economic conditions in 2008,” Harold McGraw III, McGraw-Hill’s chairman, president and CEO, said in a statement.

—Sean Callahan

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