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Technology / AI and automation

FLOATING POINT SHEDS 400; SAVAGE CUTS IN IRELAND

The Irish manufacturing plant will bear the brunt of another swingeing round of job cuts at Floating Point Systems Corp that will reduce its worldwide workforce by 400 people, 33%. The company is consolidating eight departments into four, and says that it has serious overcapacity at the Irish plant. The good news for those who survive the cuts is that the 10% pay cut instituted last autumn is being restored. The company looks for only a slow turn-around from a horrendous fiscal 1986 that saw it report a net loss of $14.3m in the year to October on sales of $88.6m. The new round of cuts will lead to a charge with its third quarter figures to July 31 of nearer $10m than $5m for a period that will anyway be down on the $2m loss on sales of $20.8m this time last year. The Beaverton, Oregon company looks for the cuts to save it between $4m and $5m a quarter, but warns that it expects another loss for the full year to October.

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CBR Staff Writer

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