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Print Edition StoriesThursday, January 29, 2009
Analogic to lose 140 jobs
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Analogic Corp. announced it will cut nine percent of its staff, about 140 jobs, due to current economic conditions. The developer of aviation security and medical imaging technology will save about $9.6 million annually as a result of the workforce reduction, company officials reported.
To cover the upfront costs of cutting positions, Analogic will incur a restructuring charge of $3.4 million for the second fiscal quarter.
Analogic (Nasdaq: ALOG) president and CEO Jim Green said in a statement that the company will “continue investing in technologies that position Analogic for profitable growth.”
Peabody-based Analogic posted a net gain of $23.5 million on total annual revenue of $413.5 million in 2008.
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