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Cognex Corp. - Smart Sensor 3-24 GIF LB

Cognex Cutting Costs by $15M

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NATICK, Mass., April 22, 2009 – Machine vision sensors and systems maker Cognex Corp. announced Tuesday that it will trim executive pay, eliminate 85 employees and contractors, and institute mandatory shutdown days in an effort to cut expenses by $15 million a year amid the dismal global business environment. Cognex said it also would cancel most current open positions, reduce its leased office space, reduce company contributions to the 401(k) plan, and decrease discretionary spending, actions that would result in a pretax charge of approximately $4 million in the second quarter of 2009. “In late 2008, it became...Read full article

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    Published: April 2009
    Glossary
    photonics
    The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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