© cognex Business | May 29, 2020
Cognex takes measures to counter deteriorating market conditions
Machine vision technology provider, Cognex Corporation, says it is taking significant steps to reducing expenses due to deteriorating market conditions and to position the company for growth when conditions improve.
The actions being taken by the company include a reduction in its global workforce of approximately 190 employees (which is about 8% of its worldwide headcount) and a reduction in leased office spaces. In addition, Cognex CEO, Rob Willett, and Chairman, Dr. Robert Shillman, decided to waive their salaries, and the company’s Board of Directors have waived their cash fees for the remainder of the year. “It is very unfortunate that these measures are necessary,” says Dr. Robert J. Shillman, Founder and Chairman of Cognex, in a press release. “The confidence we have in the future of our business remains unchanged; unfortunately, that future is a bit further off than we would like due to the significant disruption of the global economy. In view of that, we have taken significant steps to protect the company’s long-term financial strength which are necessary to help ensure the wellbeing of our employees, our customers, and our suppliers.” “We had our business sized for continued growth this year,” adds Robert J. Willett, Chief Executive Officer of Cognex. “However, growth has been stifled due to the slowdown by manufacturers, particularly in the automotive industry which was our largest market last year. We are reorganizing Cognex to sharpen our focus on growth areas such as logistics and deep learning and to integrate our recent acquisitions more fully. We view this time as an opportunity to prepare for success when business investment returns.” The company expects to record a total restructuring charge of approximately USD 20 million, primarily in the second quarter of 2020, for the workforce reduction and lease terminations. These actions, together with steps previously taken, are expected to result in annualized cost savings of approximately USD 25 million.
ZF wins business for electronic toll collection in China Back in 2019, it was announced in China that by the end of the year, 90% of vehicles on Chinese expressways should be enabled to use their new electronic toll collection (ETC) system. The DG sub-subminiature switch from ZF Friedrichshafen, succeeded in winning business exceeding 10 million pieces from one of the leading ETC companies in China.
Mouser inks global distribution agreement with Trinamic Mouser Electronics has signed a global distribution agreement with motion control expert Trinamic, now part of Maxim Integrated.
Cree’s fab expansion is now going vertical Despite the current pandemic, things are moving along for the semiconductor manufacturer’s expansion in Mohawk Valley, New York. The steal girders are standing tall and walls are going up.
Subaru selects ON Semi's image sensing technology for driver assist platform Subaru has selected On Semi's image sensing technology to enable camera-based ADAS (Advanced Driver Assistance Systems) in the car manufacturer's new-generation EyeSight Driver Assist platform. The Levorg, a 2020 All-Wheel Drive Sports Tourer, is the first model to offer the new system.
Hella starts the new fiscal year better than expected Despite the continuing negative effects of the Covid-19 pandemic on the global automotive industry, automotive supplier HELLA reported better than originally expected results for the first three months of fiscal year 2020/2021.
The US tightens control of export to China’s SMIC Back in early September, Semiconductor Manufacturing International Corporation (SMIC) found itself in the news regarding a potential US ban, much like the one experienced by Huawei. Fast forward until now and by the looks of it, SMIC is out in the cold.
Maxim and Serial Microelectronics sign distribution agreement Serial Microelectronics (SMHK) has entered into a distribution agreement with Maxim Integrated Products for the distribution of all Maxim’s products in China and Hong Kong.
Jenoptik completes acquisition of TRIOPTICS With the closing on September 24, 2020 Jenoptik has successfully completed the acquisition of the first tranche of 75% of the Hamburg-based optics specialist TRIOPTICS, which had been anticipated for the third quarter.
Sponsored content by ElectrolubeDesign Challenges And The Impact On Coating Success Phil Kinner, conformal coatings technical director discusses how As assemblies become ever more densely populated, the need to carefully consider your conformal coating process is becoming increasingly more important.
TSMC looking to create a local manufacturing hub – going beyond 2 nanometers The worlds biggest contract chipmaker is reportedly planning to make northern Taiwan its manufacturing hub for technologies that go beyond 2 nanometers.
Foxconn invests in SigmaSense Touch screen technology company, SigmaSense, has closed a USD 22 million Series A funding round led by Foxconn Technology Group.
Diodes gets green light for Lite-On acquisition from China Diodes Incorporated says it has received approval from the China’s State Administration for Market Regulation (SAMR) to proceed with its planned acquisition of Lite-On Semiconductor which was announced last year.
AT&S develops new solutions for autonomous driving Step by step, automated driving is increasingly becoming a feature of our mobility. With each step, increasing data volumes need to be processed fast to allow quick reactions to any given situation. AT&S is developing a robust and resilient interconnect concept for a high-performance computer chip.
Aurora Labs attracts $23 million in series B funding round Aurora Labs has secured USD 23 million in Series B funding from several automotive manufacturers, electronics and technology corporations and venture capitalists.
SCHOTT acquires INCOM’s MEGAdraw business SCHOTT North America, Inc. says it has successfully closed the acquisition of INCOM, Inc.’s MEGAdraw business.
Zinc8 team up with Vijai Electricals to explore JV opportunities Canadian battery technology company Zinc8 Energy Solutions, has signed an agreement in principle with Vijai Electricals Ltd from Hyderabad, India. The parties have agreed to explore joint-venture projects concerning the deployment of Zinc8's patented Zinc-Air Energy Storage System.
Intel names new SvP and Chief Strategy Officer Intel Corporation has appointed Safroadu (Saf) Yeboah-Amankwah as senior vice president and chief strategy officer. He will take on his new position on the first of November, 2020.
Edwards to set up centre in Dublin The development represents an investment of USD 5.7 million and will create 120 new jobs.
LEMO expands and inaugurates new production site About 400 metres from the company's main production site in St-Croix, Switzerland, LEMO has has just opened its new REDEL 2 production site
Vicor ink global distribution agreement with Arrow Vicor Corporation has expanded its Europe, Middle East and Africa relationship with Arrow Electronics, Inc. to a global distribution agreement.
Hemlock Semiconductor acquires DuPont TCS business The Michigan-based provider of ultra-pure polycrystalline silicon announces its acquisition of a DuPont business that makes trichlorosilane (TCS), the primary raw material used in producing the ultra-pure polysilicon HSC supplies to the semiconductor and solar industries.
Huawei opens 5G test centre in Serbia The company has officially opened its latest European centre for innovation and digital development and 5G test lab in Belgrade, Serbia.
First Sensor plans to sell its subsidiaries in USA and France to TE Connectivity Berlin-based First Sensor says it is planning to sell its US-based subsidiary in California, as well as its unit in Paris, France to TE Connectivity.
Silvaco acquires the assets of Coupling Wave Solutions S.A. EDA software and design IP supplier, Silvaco, has completed its acquisition of the assets of Coupling Wave Solutions S.A. (CWS), including IP, patents, and analysis technologies.
Nvidia / Arm deal dubbed as ‘disaster’ by Arm-cofounder The news that US-based Nvidia will acquire Arm from SoftBank Group in a USD 40 billion deal has already sparked some backlash within the industry. One of the vocal parties is Arm-cofounder, Hermann Hauser, who called the deal a disaster and said that it should be blocked.Load more news