Biotechnology company Amersham is to cut 100 jobs from its UK research and development operation in a move prompted by a drop in sales.
The cuts will be made at the company's offices in Buckinghamshire, with a further 270 to go in the US, 25 in Sweden and 13 in Japan.
The job losses are part of a restructuring programme aimed at saving up to £35m a year by 2004.
Amersham, which has 2,200 employees in the UK, said the job losses at its discovery systems division were part of a bid to increase profitability.
More manufacturing jobs
Sales in the division, which provides technologies and services for the research, biotech and pharmaceutical markets, were down 1% to £394m, from £413m in 2001.
A spokesman for the company said employees in Cardiff would remain relatively unscathed by the action.
He said the company expects that an increase in the number of manufacturing jobs on offer would offset any changes in the research and development division.
The group blamed market conditions and a "notable" slowdown in pharmaceutical company spending on equipment it provides.
Amersham employs 9,500 people worldwide.