28 Oct '11, 5am

Itron to Lay Off 750 Employees in Restructuring: Less than two months after LeRoy D. Nosbaum returned to the h...

Itron to Lay Off 750 Employees in Restructuring: Less than two months after LeRoy D. Nosbaum returned to the h...

Less than two months after LeRoy D. Nosbaum returned to the helm of Itron , action is underway to bring efficiency to the global meter maker. The company is restructuring its manufacturing operations by closing six facilities and reducing operations at several others. Approximately 750 positions will be cut, representing 7.5 percent of the company's full-time workforce. “This is a difficult but necessary decision that will better position Itron to succeed in today’s increasingly competitive market and create value for stockholders,” Nosbaum, CEO and president of Itron, said in a statement. The move is expected to save $15 million by the end of 2012 and $30 million by the end of 2012. The restructuring will also look into ditching non-core businesses, although there were no specifics as to what those might be. "Our primary focus is on driving efficiencies in our manufacturi...

Full article: http://www.greentechmedia.com/articles/read/itron-to-lay-...

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