Hutchinson Technology, Inc. (HTCH) Plans 100 Job Cuts
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Hutchinson Technology Announces Cost Reductions
May 20, 2014 4:01 PM EDTHUTCHINSON, Minn., May 20, 2014 (GLOBE NEWSWIRE) -- Hutchinson Technology Incorporated (Nasdaq: HTCH) announced today that it is taking actions to further reduce costs and preserve cash. The company expects to reduce its U.S. workforce by approximately 100 positions by the end of July and estimates that its fiscal 2014 third quarter financial results will include approximately $1.3 million of severance charges related to this action. Â "As we've progressed through our consolidation effort, additional opportunities to improve our efficiencies and reduce our costs have been identified," said Rick Penn, Hutchinson Technology's president and chief executive officer.Â
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