04:10 AM EDT, 05/24/2024 (MT Newswires) -- Emcore ( EMKR ) said late Thursday it plans to lay off about 40% of its workforce as part of a restructuring program.

The staff reductions, which are expected to generate annualized savings of roughly $17 million, will enable the company to carry out its current and planned business base. The layoffs are the first part of the company's restructuring program, with additional actions expected to further cut operating costs.

Emcore ( EMKR ) will also shut down its facility in Alhambra, California during its fiscal Q4 ending Sept. 30. It anticipates recording charges related to the restructuring in fiscal Q3.

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