PORTLAND, Ore., Aug. 31 -- FLIR Systems Inc. will reduce its workforce by 50 people in a move to save the company about $4 million a year in employment and production cost savings the company said.
The job cuts will take place at the company's facility in Portland, Ore., leaving nearly 725 employees worldwide. The company expects to record a pre-tax charge of approximately $0.4 million during this year's third quarter because of the workforce reduction. FLIR expects to see the savings from the cuts by this year's fourth quarter.
While our revenues continue to grow and the markets for our products remain strong, our operational cost structure is unacceptably high, said John Hart, FLIR's acting president and CEO. Workforce reductions are difficult but necessary steps towards returning FLIR to profitable growth.
FLIR appointed Earl Lewis the company's chairman of the board, president and CEO on Aug. 14 of this year. Lewis will begin his duties as chairman on Sept. 1 and president and CEO on Nov. 1. FLIR Systems is a provider of precision engineered imaging solutions.