It is also cutting 140 jobs at other plants. The combined lay-offs represent approximately 14% of the company’s workforce. The company will transfer production from the Redmond facility to its other sites in California, Connecticut, Utah, and Wisconsin.
T said it expects to record approximately $4.1m in restructuring costs in the first quarter of 2009, and achieve annual cost savings of $20m to $25m. The company also confirmed its forecast of diluted EPS between $0.14 and $0.19 and revenue of $156m to $164m for the fourth quarter 2008.
Kent Alder, president and chief executive at T Technologies, said: Shifting production from the underutilized Redmond facility to TTM’s other plants will improve utilization at our remaining facilities, reduce our cost structure, and lower future capital expenditures. While we are committed to continually evaluating our cost structure, we currently have no additional restructuring plans.
