Emcore restructuring update: personnel reduction and alhambra closure

Budd lake, nj, may 23, 2024 (globe newswire) -- emcore corporation (nasdaq: emkr), the world's largest independent provider of inertial navigation solutions to the aerospace and defense industry, today announced personnel and expense reduction actions, including the planned full closure of the alhambra, ca site. personnel reductions are expected to result in annualized savings of approximately $17 million and are the first stage of a restructuring program that is expected to include additional actions designed to further reduce annualized operating costs in an expedited manner.
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