Itron to cut 9% of workforce, close facilities to boost profit
Itron, the Liberty Lake-based manufacturer of meters for water and energy companies, plans to cut 750 jobs, or 9 percent of its workforce, and close or consolidate several facilities to boost profitability.
Itron estimates the cuts will cost $30 million to $35 million pretax, most of which will be incurred in the third quarter, according to a Thursday filing with the Securities and Exchange Commission. The company expects to save about $30 million a year as a result of the changes.
Itron stock gained 87 cents, or 2.2 percent, to $40.21 with about an hour of trading to go Thursday. The shares have declined 11 percent this year. The company is expected to report a second year of sales declines for 2013, according to the average of 14 analysts’ estimates compiled by Bloomberg.
Itron won two contracts in June to supply a total of 210,000 meters in India to help curb water losses and improve infrastructure.