Jun 1, 201209:38 AMBlog
Key Technology reducing work force
Key Technology Inc. is taking cost reduction initiatives during the third quarter of fiscal 2012 that include a planned reduction of about 11 percent of its global work force. Company earnings for the third quarter will be adversely affected by an estimated pre-tax charge of about $1 million related to the work force reduction.
About two-thirds of the work force reductions will reduce future costs in operating expense areas, with the remainder reducing costs in manufacturing operations.
In addition, the company's board of directors has authorized the purchase of up to 500,000 shares of outstanding common stock.
Walla Walla-based Key Technology designs and manufactures process automation systems for the food processing, industrial and pharmaceutical industries.