Emcore to reduce workforce by 40%, close California site

Emcore announced personnel and expense reduction actions, including the planned full closure of the Alhambra, California site. Personnel reductions are expected to result in annualized savings of approximately $17M 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. While the personnel reductions are significant and represent approximately 40% of Emcore’s workforce, they are designed to enable Emcore to execute on its current and planned business base. The company expects the Alhambra shutdown to be fully completed during the fourth fiscal quarter ending September 30. Restructuring charges, including severance, facility consolidation, and other related items, are expected to be finalized and recorded in the third fiscal quarter ending June 30.