Redundancies at McGraw-Hill Education

<p>McGraw-Hill has made approximately 550 positions redundant to help the company &quot;manage costs in the current environment&quot;. Within the McGraw-Hill Education arm of the business, 340 jobs will be lost, the majority of the cuts have come &quot;to support the segment&#39;s new PreK-12 organisation&quot;, also announced today, which comprises four skill-specific centres.</p><p>Harold McGraw III, chairman, president and c.e.o of the group, said: &quot;Skilled and educated workforces, access to capital, and high-quality business information are all essential to global economic recovery. 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.&quot;</p><p>The group has incurred a pre-tax &quot;restructuring charge&quot; of $24.3m (&pound;14.8m), largely from severance costs, although a $9.1m reversal &quot;for changes in the severance estimates from prior restructuring initiatives&quot; meant the net charge was $15.2m for the quarter.</p><p>Simon Allen, senior vice president, international, McGraw-Hill Education, said the moves would not effect the company&#39;s UK staff. </p><p>&nbsp;</p>