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Laser maker to cut 10% of workforce

September 03, 2008|From Bloomberg News

Newport Corp., an Irvine-based maker of laser and optical equipment, said Tuesday that it would fire as much as 10% of its workforce and shift more manufacturing to lower-cost facilities in China.

Newport had about 2,000 employees as of December, according to Bloomberg data.

The restructuring will improve Newport's operating profit by $11 million to $14 million in 2009, the company said.

The company said it still expected third-quarter revenue of $106 million to $112 million and fourth-quarter sales of $115 million to $125 million.

Excluding some costs, the company forecast fourth-quarter profit of 15 to 25 cents a share, compared with a 14-cent average estimate of analysts surveyed by Bloomberg.

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