© 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.
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