Personal Technology
CTS To Take $1.9 Million Pretax Severance Charge
The Associated Press
03/10/09 - 04:19 PM EDT
ELKHART, Ind. (AP) CTS Corp., which makes electronic components and sensors, said Tuesday it will take a pretax charge of $1.9 million, or 4 cents per share, in the first quarter related to job cuts.
About 95 jobs in Asia, Europe and North America have been eliminated to reorganize certain functions in response to slowing demand linked to the recession, the company said. Combined with other recent actions, the number of positions worldwide has been cut by about 17 percent.
The restructuring actions in the first quarter are expected to save about $5 million a year in salaries and benefits.
The Elkhart, Ind., company also will impose selective four-day work weeks and employee furloughs, it said.
Shares rose 25 cents, or 11.5 percent, to close at $2.42.