Wednesday, April 22, 2009
Teledyne Technologies Lops Employees, To Close Facilities
Thousand Oaks-based Teledyne Technologies, an aerospace and electronics firm, announced Wednesday that the firm has cut six percent of its North American workforce, eliminated salary increases, cut employee stock option awards, and will also close or relocate five of its operating sites, as it looks to cut expenses. The announcement came as the firm reported first quarter 2009 sales of $440.3M, down from $451.8M in the same period last year. The firm said that it had a sales decrease due to contracting commercial markets and the global recession. Teledyne said that the closure and relocation of the sites will occur by the end of the second quarter; the firm did not specify which facilities would be involved in the cuts.