HUTCHINSON, Minn., March 8, 2011 (GLOBE NEWSWIRE) -- Hutchinson Technology Incorporated (Nasdaq:HTCH) today announced a manufacturing consolidation and restructuring plan intended to help the company achieve its goal of being the lowest cost manufacturer of suspension assemblies. Under the plan, the company will consolidate its Hutchinson, Minnesota components operations into its operations in Eau Claire, Wisconsin. The company's site in Hutchinson will continue to serve as its corporate headquarters and its center for research and development and other specialized operations. The company also is taking additional actions to resize the company, reduce costs and improve cash flow while keeping intact capabilities core to its competitive position and future growth. The consolidation and restructuring effort includes a 30-40% reduction of its current U.S. workforce, which totaled approximately 2,275 at the end of February. These actions are expected to take place over the next 12 months and to lower the company's costs by $45 million to $60 million on an annualized basis.
Hutchinson Technology Announces Manufacturing Consolidation & Restructuring Plan
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.