API Technologies cuts 10 percent of EMS workforce

In the May 31, 2012 ending quarter, 40 positions, approximately 10% of its EMS workforce and 2% of API's global workforce, were affected. Bel Lazar, President and Chief Operating Officer of API Technologies said the company hopes to a 20% adjusted EBITDA margin target with the restructure. “Elements of the restructuring plan include management re-alignment, workforce reductions, and write-downs and charges related to inventory, fixed assets, and long term leases,” the company said in a press release.