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
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