Identive Group, Inc. INVE INV, a provider of products and
services for the identification, security and RFID industries, today provided
details on a series of recently-disclosed cost reduction measures to bolster
the Company's cash position and support its long-term growth strategy. These
measures are expected to result in savings of $4 million to $5 million in the
remainder of 2012 and include an 11% reduction in the Company's global
workforce, acceleration of the elimination of duplicate expenses at newly
acquired companies, reductions in other general and administrative expenses,
the consolidation of facilities, as well as temporary reductions of nearly
$0.5 million in executive and management salaries and Board fees. The Company
expects to incur charges of $0.7 million to $0.9 million in 2012 in connection
with the cost reduction program.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in