Electro Scientific Industries Announces Corporate Restructuring - Quick Facts

(RTTNews) - Electro Scientific Industries, Inc. (ESIO) announced a corporate restructuring that will streamline its manufacturing and development operations. The restructuring will result in the closure of the assembly plant and development center located in Chelmsford, Massachusetts, and overall staff reductions of approximately 45 employees.

The company expects financial impact to be an annualized pre-tax cost savings of approximately $4.5 million once fully implemented during the fiscal third quarter ending December 2015. The company expects pre-tax charges of approximately $5.5 million in severance and facility-related costs, of which $2.0 million is expected to be recorded in its fiscal fourth quarter.