Keithley announces cost reduction actions
Keithley Instruments has announced cost reduction actions in response to the rapid deterioration in global economic and industry conditions.
Over the next month the company will implement a series of actions.
The company is implementing a 10 per cent pay reduction for the majority of US exempt employees, a slightly larger percentage reduction for the company's three senior officers and unpaid days off for US non-exempt employees.
The company's annual bonus programme for management will be suspended for fiscal 2009.
There will also be lower sales commission payments to the company's sales force.
In addition, there will be a reduction in the worldwide work force of approximately seven per cent, which includes the impact of an early retirement programme.
The company will suspend its 401(k) match for fiscal 2009.
The estimated cost of these actions is expected to approximate between USD1.5m and USD2m on a pre-tax basis.
The final cost will not be known until the actions are completed in January, and it is expected that the majority of the charges will be recorded in the second quarter of fiscal 2009.
Keithley Instruments is estimating that the cumulative annualised savings of all cost-reduction actions announced since 25 September 2008, will be greater than 20 per cent of the company's operating costs in fiscal 2008.
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