Calif. Firm To Close Bolton Plant
Technology networking products maker Emulex said it will close its engineering facility in Bolton next year as part of a restructuring plan that will mean the loss of 110 jobs, or about 10 percent of the company’s workforce.
Emulex, based in Costa Mesa, Calif., said the restructuring plan, through which the company is targeting about $30 million in savings, is part of a broader strategy announced last month to improve profitability, increase cash flow and enhance shareholder value.
In a statement, Emulex said it expects to finish its restructuring by the end of its fiscal year in June, which is when it expects to close the Bolton location.
"Impacting great people is never an easy decision to make but we assessed our long-term needs and consolidating U.S. facilities became a necessity to reach the next level of efficiency,” company president and CEO Jeff Benck said in a statement. “These changes will also allow us to continue to invest in our technology roadmap to ensure our long-term success.”
In its most recent fiscal year, Emulex reported annual revenue of $479 million and net losses of $5.2 million. It has locations throughout the United States and in several countries.
Emulex has been operating the Bolton site since 2001, when it acquired Giganet, which was located in Concord at the time, according to Katherine Lane, a company spokeswoman.
Lane said the Bolton plant employs primarily engineers. She did not disclose the number of workers in Bolton.
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