Symmetricom trims workforce by 11%
Layoffs are seemingly a daily occurrence in the current economic conditions. Earlier this week, Symmetricom announced it was eliminating 100 jobs, which represents 11 percent of the company’s total workforce.
Symmetricom, which makes timing devices that are used in cable operators’ networks, said the job cuts will start this month and be completed by December.
The San Jose, Calif.-based company expects to incur restructuring charges in the range of $6.5 million to $7.5 million with the plan, including $5 million in the current fiscal year that ends in June.
Upon completion, Symmetricom expects the restructuring and other actions to reduce annual costs by approximately $7 million.
"The restructuring builds upon our early success in outsourcing certain manufacturing operations and helps us align our operating cost structure with our long-term profitability goals," said Symmetricom President and CEO Thomas Steipp. "The company remains committed to achieving its profitability goals for fiscal 2009."
Symmetricom said more details will be provided during the company's upcoming quarterly earnings conference early next month.
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