>>Redundant?<<
FYI
Dow Jones Business News
Valence Reorganizes Worldwide Operations
Monday November 4, 2:52 pm ET
AUSTIN, Texas -(Dow Jones)- Valence Technology Inc. (NasdaqSC:VLNC - News) cut its work force 18% as part of what it called a reorganization to better support its Asian-based outsourcing and manufacturing strategy.
In a press release Monday, the company said it has eliminated redundant manufacturing operations and created a new internal structure to support its contract manufacturing activities.
Most of the reductions involve positions in its Henderson, Nev., facility, which had become redundant with similar capabilities in its Mallusk, Ireland, plant.
A company representative wasn't immediately available to provide the total number of affected employees.
Valance develops Saphion technology and Lithium-ion polymer rechargeable batteries.
Shares of Valence were trading recently at 70 cents, down 1 cent, or 1.4%, on Nasdaq volume of 100,300 shares. Average daily volume is 249,018 shares. |
