March 8, 2013—Optical component and crystalline device manufacturer Inrad Optics, Inc. (Northvale, N.J., U.S.A.) has announced layoffs of eight employees at its Northvale and Sarasota, Fla., production facilities effective 1 March 2013, a reduction of approximately 9 percent. The company also reduced work hours for certain remaining employees. The workforce reduction is expected to cut $658,000 from the company’s annual budget and improve efficiencies within the organization, excluding one-time severance and accrued vacation payments to terminated employees of approximately $105,000 in the first quarter ending 31 March 2013.
Amy Eskilson, president and CEO, commented, "The company has made some very difficult decisions in regard to the reduction in force. This action will allow us to meet all our customers' needs in a more cost effective manner. As we move forward, we will continue to look for additional opportunities to reduce costs and improve processes. Our product development and production capabilities remain intact."