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June 26, 2014
16:15 EDTKTECKey Technology announces 8% reduction of global workforce
Key Technology announced that it is taking cost reduction initiatives during Q3 that include a planned reduction of approximately 8% of its global workforce. Earnings for Q3 will be adversely affected by an estimated pre-tax charge of approximately $1.2M related to the workforce reduction, Key said. "Approximately one half of these cost reduction initiatives will reduce future costs in operating expense areas, with the remainder reducing costs in manufacturing operations. The Company expects the majority of the cost reductions to be fully implemented by the end of fiscal 2014," it added.
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