Itron to Cut 9% of Jobs, Close Facilities to Boost Profit
Itron Inc. (ITRI), the Liberty Lake, Washington-based manufacturer of meters for water and energy companies, plans to cut 750 jobs, or 9 percent of its workforce, and close or consolidate several facilities to boost profitability.
Itron estimates the cuts will cost $30 million to $35 million pretax, most of which will be incurred in the third quarter, according to a filing with the U.S. Securities and Exchange Commission today. The company expects to save about $30 million a year as a result of the changes.
Itron gained 2.6 percent to $40.37 at the close in New York. The shares have declined 9.4 percent this year. The company is expected to report a second year of sales declines for 2013, according to the average of 15 analysts’ estimates compiled by Bloomberg.
Itron won two contracts in June to supply a total of 210,000 meters in India to help curb water losses and improve infrastructure.
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