ESI to Lay Off 45, Close Massachusetts Facility
PORTLAND, Ore., March 16, 2015 — Electro Scientific Industries Inc. (ESI) plans to close its facility in Chelmsford, Mass., and lay off about 45 workers.
The developer of laser-based manufacturing systems for the microtechnology industry said the move is part of a corporate restructuring meant to save $4.5 million annually.
The restructuring will be fully implemented in the last three months of 2015. ESI said it expects to incur about $5.5 million in severance and facility-related costs. Products currently developed and manufactured in Chelmsford will be transferred to the company’s other facilities.
“This action will enable us to further focus our efforts on growing our business while consolidating manufacturing facilities and lowering our fixed cost base,” said CEO Edward C. Grady. “I would like to express my sincere appreciation to the affected employees for their valuable contributions to ESI. While these moves are difficult, they are a necessary step in our revitalization plan, to position us for future growth and profitability.”