EMKR - Emcore announces restructuring including reduction of 100 employees
2023-04-21 09:15:46 ET
- EMCORE ( NASDAQ: EMKR ) has announced a restructuring program that includes the shutdown of the Broadband business segment and the discontinuance of its defense optoelectronics product line.
- The restructuring program is designed to reduce annual costs and expenses by ~$12M, which includes a reduction in the workforce of ~100 employees primarily in Alhambra and China.
- “These actions will eliminate product lines that are no longer part of our future and enable EMCORE to focus entirely on scaling our inertial navigation business.” said Jeff Rittichier, President and CEO.
- The Co. expects restructuring actions to be substantially completed by September 30, 2023.
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Emcore announces restructuring including reduction of 100 employees