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Keithley Instruments, Inc. has announced that it has decided to implement a series of cost-cutting measures to return the company to profitability. The company has reduced its global workforce by approximately five percent, which is expected to reduce the company’s operating expenses by close to seven percent. Costs incurred in this action will amount to approximately $1.6 million, according to the company.

“While our long-term outlook is positive, we believe it was necessary to act in response to the continued weakness in semiconductor capital spending, as well as a general weakness in other industries in which we participate,” commented Joseph P. Keithley, Chairman, President and Chief Executive Officer for Keithley Instruments, Inc. “The actions we have taken will have a minimal impact on new product development activities and will not affect those products that we plan to introduce during the next twelve months.”