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Advanced Energy Industries, Inc.
Advanced Energy Announces Workforce Reduction
March 27th, 2009
Advanced Energy Industries, Inc. (NASDAQ:AEIS) announced a reduction in workforce and other cost reductions, as we indicated on our fourth quarter 2008 earnings call. In response to the deteriorating economic conditions and weakening demand from the company's end markets, the company is reducing its global workforce by approximately 330 people or 22% of total headcount across all functional areas and geographies and lowering the salaries of management and executive officers by an additional 5%, totaling 15% overall, effective April 1, 2009. "While we were hopeful that conditions would begin to stabilize, the markets we serve have nonetheless continued to deteriorate," said Dr. Hans Betz,...
Source: Health Business Week (2009-03-27)
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