Advanced Energy Announces Lay-Offs
Advanced Energy Inc. (AE, Fort Collins, CO) has announced that it will lay off another 59 full-time employees, or four percent of its staff. This accompanies a wage freeze and graduated pay reductions, as well as further expense and discretionary spending reductions. The company expects to report a loss for the second quarter, with revenues as much as 35 percent below first-quarter revenues of $74.7 million.
These cost-cutting measures are expected to save the company about $38 million. Last month, the company cut 10 percent of its staff, scheduled shutdown days throughout the year, and cut 10 percent from senior executives’ salaries. The company’s total headcount now stands at 1,326 employees worldwide.“The current industry and macro-economic slowdown has continued to negatively impact our business,” said Doug Schatz, AE’s chairman and CEO. “These further cost-reduction steps were painful, but necessary. These difficult decisions will enable us to more efficiently manage the company throughout this current economic slowdown.”