GT Advanced Technologies to Cut 25% of Workforce; Guides Q3 Revenue Low End of $110-140M vs $123.29M Est
GT Advanced Technologies (NASDAQ: GTAT) today announced that it is streamlining worldwide operations to better align its cost structure with current market conditions and enhance its ability to pursue strategic growth initiatives, including the consolidation of existing business units into a single Crystal Growth Systems (CGS) group and cost reduction actions including an approximately 25 percent reduction of the company's global workforce. When fully implemented, the workforce reduction is expected to reduce the company's annualized expenses by approximately $13 million. GT expects to record restructuring charges associated with these actions in the amount of approximately $4.2 million in the December quarter.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.