Shares of Emcore Corp.
EMKR,
rose 2.0% in premarket trading Friday, after the provider of inertial navigation products for the aerospace and defense industries said it cut about 100 jobs as part of a restructuring that includes the shutdown of its broadband business. The job cuts represent about 21% of its workforce, as of Sept. 30. The company said the cuts will be primarily in Alhambra, Calif., where the company is based, and in China. “This restructuring represents the final phase of Emcore’s transition to Aerospace and Defense,” said Chief Executive Officer Jeff Rittichier. “After months of discussions with several interested parties to divest non-strategic product lines, we will now shut down the Broadband business segment (cable TV, wireless, sensing, and chips) and discontinue our defense optoelectronics product lines.” The stock has gained 4.9% year to date through Thursday, but has tumbled 71.5% over the past 12 months, while the S&P 500
SPX,
has slipped 6.0% over the past year.
