Brief: Emcore Announces Restructuring Program

EMCORE

21/04/2023 13:31

April 21 (Reuters) - EMCORE Corp  EMKR.O :
    * EMCORE ANNOUNCES RESTRUCTURING PROGRAM
    * EMCORE ANNOUNCES RESTRUCTURING PROGRAM
    * EMCORE CORP - RESTRUCTURING PROGRAM IS DESIGNED TO REDUCE
ANNUAL
COSTS AND EXPENSES BY APPROXIMATELY $12 MILLION
    * EMCORE CORP - REDUCTION IN WORKFORCE OF APPROXIMATELY 100
EMPLOYEES
    * EMCORE CORP - COMPANY EXPECTS RESTRUCTURING ACTIONS TO BE
SUBSTANTIALLY COMPLETED BY SEPTEMBER 30, 2023
    * EMCORE CORP - EXPECTS RESTRUCTURING ACTIONS TO BE
SUBSTANTIALLY
COMPLETED BY SEPTEMBER 30, 2023
    * EMCORE CORP - RESTRUCTURING PROGRAM INCLUDES SHUTDOWN OF
BROADBAND BUSINESS SEGMENT
    * EMCORE CORP -  RESTRUCTURING PROGRAM INCLUDES
DISCONTINUANCE OF
DEFENSE OPTOELECTRONICS PRODUCT LINE
    * EMCORE - RESTRUCTURING CHARGE COVERING SEVERANCE, FACILITY
CONSOLIDATION, & OTHER RELATED ITEMS IS EXPECTED TO BE FINALIZED
AND RECORDED IN FISCAL Q3

Source text for Eikon:  ID:nGNX4ycg31 
Further company coverage:  EMKR.O