AES Semigas


21 April 2023

Emcore restructuring to focus on aerospace & defense

Emcore Corp of Alhambra, CA, USA — the world’s largest independent provider of inertial navigation products to the aerospace & defense industry — has announced a restructuring program as the final phase of Emcore’s transition to Aerospace & Defense. The firm is AS9100 aerospace quality certified at its manufacturing facilities in Budd Lake, NJ and Concord, CA.

“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. We will continue to build QMEMS and lithium niobate chips, but will close down our indium phosphide (InP) wafer fabrication facility in Alhambra,” says president & CEO Jeff Rittichier. “These actions will eliminate product lines that are no longer part of our future and enable Emcore to focus entirely on scaling our inertial navigation business.”

Designed to reduce annual costs and expenses by about $12m, the restructuring program includes a reduction in the workforce of about 100 staff primarily in Alhambra and China, as well as consolidating facility space by downsizing the space being occupied at the Alhambra campus from five to two buildings, relocating Concord personnel to the operations area from the adjacent office building, and closing the manufacturing support and engineering center in China. The firm expects restructuring actions to be substantially completed by end-September. A restructuring charge covering severance, facility consolidation and other related items is expected to be finalized and recorded in the fiscal third-quarter 2023 (to end-June).

See related items:

Emcore announces pricing of public offering

Emcore announces sale and leaseback of Tinley Park, IL facility

Emcore completes sale and leaseback of Concord facility, generating $12.8m

Tags: Emcore



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