FARO Cuts Another 14% of its Workforce
April 6, 2009 by Stephen Kersey
Filed under Business
FARO Technologies, a company that specializes in measurement and laser technologies that is headquartered in Lake Mary, Florida, announced on Monday that ts workforce will be cut by another 14%. Earlier in 2009, the company announced it was going to cut 7% of its workforce. As of 2008, the company was believed to have 850 employees.
Lasers (Image: Flickr)
Tumbling sales is being pointed to as the cause of all the job losses at FARO. Compared to last year, the company’s sales are down about one-third despite having an impressive list of customers including Ford, GE, Boeing, Airbus and Siemens.
According to FARO Technologies, the job cuts will save the company approximately $7.5 million per year. As of Monday night, their stocks were trading at $13.48. That is down nearly 8% since the close of the market.
As of 2007, it’s believed that FARO had revenue of nearly $200 million.
