Cognex cutting jobs, executive pay
NATICK - Cognex Corp., which makes machine vision systems, sensors, and identification readers used in manufacturing, said yesterday it plans a slew of cost-cutting measures, including job cuts, executive salary reductions, and mandatory shutdown days.
The company said the steps will save $15 million a year. They include eliminating about 85 employee and contractor jobs, trimming certain salaries, and canceling "most current open positions." Cognex also plans to reduce leased office space, lower company contributions to workers' 401(k) plans, and pull back on discretionary spending.
The company expects to take a pretax charge of about $4 million in the second quarter.