NORTHVALE, N.J., March 7, 2013 — Optical component and crystalline device manufacturer Inrad Optics Inc. announced Thursday that it has trimmed its workforce by about nine percent by cutting eight employees at production facilities in Northvale and Sarasota, Fla. The cuts were effective March 1.
The move is expected to save the company $658,000 a year, including fringe benefit costs and additional savings from reduced work hours for certain employees, Inrad said. That figure excludes severance and related expenses, which total about $105,000 and which are expected to be paid in the first quarter, ending March 31.
"The company has made some very difficult decisions in regard to the reduction in force. This action will allow us to meet all our customers' needs in a more cost-effective manner," said President and CEO Amy Eskilson. "As we move forward, we will continue to look for additional opportunities to reduce costs and improve processes. Our product development and production capabilities remain intact."
Formerly known as Photonic Products Group Inc., the company changed its name to Inrad Optics in January 2012. The vertically integrated photonics manufacturer provides crystal-based optical components and devices, custom optical components, and precision optical and optomechanical assemblies for the defense, aerospace, laser, medical, process control and metrology industries.
For more information, visit: www.inradoptics.com