02/25 17:50 SHELDAHL <SHEL.O> SAYS TO CUT WORKFORCE BY FIVE PERCENT FROM CURRENT 1,250 $0.29/SHR IN Q2 FISCAL 1999
NORTHFIELD, Minn., Feb 25 (Reuters) - Sheldahl Inc said Wednesday it
will cut its workforce of 1,250 employees by five percent and will
take a $4 million, or $0.29 a share, charge in the second quarter.
"The workforce reduction will involve an early retirement program,
normal attrition, reassignments and reclassifications of positions, as well as layoffs," Sheldahl said in a statement.
The staff cuts will affect salaried employees in Sheldahl's Materials and Interconnect business units and in corporate services in Northfield, Minn. It will not affect the company's Micro Products operations in Longmont, Colo.
Sheldahl, which makes circuitry and other products for the automotive electronics and data-communications markets, said the second quarter charge would cover severance costs and salary and benefit continuation for employees taking early retirement.
It expected to realize the effect of the staff cuts in the first
quarter of fiscal 1999.
Shehdahl's stock closed down 1/8 at 15-3/8. |
