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Electronics Production | March 11, 2009

CTS eliminates 95 positions throughout Europe, Asia and North America

CTS have completed restructuring actions in the first quarter of 2009 which are expected to save the company approximately $5 million annually in salaries and benefits.
About 95 positions throughout North America, Europe and Asia have been eliminated to reorganize certain functions to operate more effectively and to streamline operations. The information of how many have been affected in Europe particular was not given by the company.

The pretax charge for first quarter employee-related separation costs is approximately $1.9 million. The restructuring actions were necessary based on the business downturn in the current challenging economic environment. Management believes that the decisive proactive restructuring steps taken in the second half of 2008 and in the first quarter of 2009, in addition to implementing selective four-day work weeks and employee furloughs, will position the Company to remain financially strong.

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