Wednesday, October 26, 2011

Itron Chops 750 Employees

Liberty Lake-based Itron, the maker of smart utility meters, said today that it is restructuring its manufacturing operations, which will result in a reduction of about 750 full time positions at the firm, or approximately 7.5 percent of its employees. The firm said the move goes to "increase efficiency and lower manufacturing costs." Itron said it expects to save $30M annually due to the cuts, which also includes the close or consolidation of several of its manufacturing facilities. The firm said it currently hsa 31 global manufacturing operations, 6 of which will be shutdown or sold. The firm will take restructuring charges of $65 to $75M over the next 15 to 18 months for the shutdowns.