Multilink to cut workforce by up to 45%
The employee reductions will impact all organizations and locations within the company. Multilink will close certain locations, and reduce the level of activity at others. The company expects to record restructuring charges of approximately $13 to $15 million during the third quarter of 2002.
The charges will include severance costs related to the reduction in workforce, exit costs for the consolidation of facilities and potential asset impairment charges. By the first quarter of 2003, Multilink anticipates net savings of approximately $16 to $18 million.
"Although the decision to significantly reduce our workforce was extremely difficult to make, it is intended to right-size our corporate resources and focus our personnel on our key business strategies with the objective of maximizing shareholder value," said Richard Nottenburg, Multilink s chairman, president and CEO.
Multilink also announced the departure of Jens Albers, co-chairman and executive VP of Multilink. Albers was responsible for the company s European operations.
