Cognex Cuts 85 Jobs
Cognex Corp., the Natick-based maker of machine vision sensors, said it would cut 85 jobs and reduce executive salaries as part of an effort to save $15 million.
The company also said it would cut back on the amount of leased space it occupies, leave unfilled positions vacant, require mandatory shut-down days, reduce the company’s contribution to employee 401(k) plans and decrease discretionary spending.
Due to the cuts, the company expects to take a $4 million pre-tax charge in the second quarter. It became apparent to the company in 2008 that the recession would have a negative effect on business and it cut expenses in anticipation of decreased revenues in 2009. However, “conditions deteriorated beyond what we had anticipated,” said CEO Robert J. Shillman.
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