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Quotes & Info
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| INTT > SEC Filings for INTT > Form 8-K on 22-Apr-2009 | All Recent SEC Filings |
22-Apr-2009
Costs Associated with Exit or Disposal Activities
On April 8, 2009, inTEST Corporation (the "Company") approved a reduction in workforce in its Temperature Management product segment of 11 employees, representing approximately 15% of the total employees in this segment. The Company will incur approximately $59,142 in total costs related to this action for one-time termination benefits. These costs will be incurred in the second and third quarters of 2009.
The Company also approved workforce reductions in its Manipulator/Docking Hardware product segment by 13 employees, which represents approximately 20% of the total employees in this segment. The Company will incur approximately $69,402 in total costs related to this action for one-time termination benefits. These costs will be incurred in the second and third quarters of 2009.
In addition, the Company approved a workforce reduction in its corporate segment by 1 employee, which represents approximately 20% of the employees in this segment. The Company will incur $6,273 in total costs related to this action for one-time termination benefits. This cost will be incurred in the second quarter of 2009.
The Company completed the communication of these actions to its employees on April 15, 2009, and expects that the completed actions in these segments and company-wide will reduce its annual operating expense structure by approximately $1.4 million.
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