These actions include the layoff of about 650 people worldwide, furloughs, a salary delay for all employees, and a salary cut for senior managers.
Our customers, world-wide, are facing falling demand for their end products and a softening economic environment, said George Chamillard, chairman and chief executive officer of the company. As a result, they are ordering fewer products and services from us. Given the current environment and future outlook, we’ve had to take these actions to reduce our expenses.
We believe our diversity of businesses will allow us to navigate through this business cycle, Chamillard added. Our objective at this point is to support our customers while maintaining our R&D investments.
