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Keithley Instruments cuts workforce by 7%
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Keithley Instruments will undertake a 7% reduction in its worldwide workforce in the next month as a response to the deteriorating global and industry economic conditions. According to financial records, Keithley Instruments had 698 employees, equating to job losses of approximately 49.
“We are taking these actions in response to the sudden declines throughout the electronics industry,” stated Joseph P. Keithley, the Company’s Chairman, President and Chief Executive Officer. “We know these actions will have a significant impact on our employees; however, we have made these decisions to maintain the financial stability of the Company in light of this dramatic economic recession and the near-term uncertainties.”
Keithley is also implementing a ten percent pay reduction for the majority of U.S. exempt employees, as well reduced commissions for its sales force and senior officer pay cuts and no annual bonuses.