Market Uncertainty Leads to Thrane & Thrane Layoffs
[Satellite Today 01-22-09] Thrane & Thrane is laying off nearly 15 percent of its workforce despite sales of its products performing in line with forecasts, the company announced Jan. 21. Uncertainty in the global financial market was cited as a motivating factor behind the decision.
The mobile satellite and radio communication systems manufacturer said it is cutting 90 positions from its 700-strong workforce. Most of the lay-offs will be in production.
The company said the restructuring measures are expected to generate total annual savings of $5.2 million. The changes will involve costs of around $2.4 million. The full amount will be recognized in the third quarter ending Jan. 31.