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Newport Corp. Announces Cost Reduction Plans and Associated Division Reorganization
August 22, 2002 |Estimated reading time: Less than a minute
Newport expects these actions to result in annualized savings of between $12 million and $14 million. In total, the cost cutting measures and reorganization are expected to result in one-time charges in the third quarter of 2002 of between $30 million and $40 million, of which only $4 million to $7 million will involve cash outlays, with the remaining charges involving revaluation of inventories and a write-down for impairment of long-lived assets resulting from facility consolidations.
Helsinki, Finland -- Elcoteq Network Corp. has entered into a preliminary agreement with a privately owned French company to sell its industrial site located in Wroclaw, Poland, to the French company's Polish subsidiary.