Newport plans 225-275 layoffs as part of reorganization
Newport Corp. announced Aug. 20 a cost reduction and reorganization plan, including layoffs of 225 to 275 employees, which is expected to save about $12-14 million per year. These cuts are expected to help Newport achieve profitability during the present period of weak demand, which it adds has been caused by a protracted downturn in the fiber-optic communications market and ...
Newport Corp. announced Aug. 20 a cost reduction and reorganization plan, including layoffs of 225 to 275 employees, which is expected to save about $12-14 million per year. These cuts are expected to help Newport achieve profitability during the present period of weak demand, which it adds has been caused by a protracted downturn in the fiber-optic communications market and uncertainty in the pace of recovery in the semiconductor equipment market. Effective immediately, Newport’s Fiber-Optics and Photonics Division (FPD) is being reorganized into the Advanced Packaging and Automation Systems (APAS) division, which will result in 105 to 145 layoffs. The firm is also divesting its Plymouth, Minnesota-based facility, which will result in another 60 layoffs. Overall streamlining will cut another 60-70 jobs.
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