Sync Research Closing Plant to Cut Costs
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Sync Research Inc., Irvine maker of computer-networking devices, said Wednesday it will close a plant in Norton, Mass., as it moves to cut costs.
The company said it will take a charge of $2.5 million to $3 million in the second quarter to cover the closure and employee-related costs as well as asset write-offs.
The company didn’t say how many employees would be fired, and Sync officials couldn’t be reached for comment. The closure is intended to reduce Sync’s operating costs.
Sync, which is merging with a unit of Osicom Technologies Inc., also said it had second-quarter revenue of $2.4 million, down 45% from $4.4 million a year ago. Sync plans to report full results for the quarter on Aug. 2.
The announcement came after the close of regular trading on U.S. markets. The stock rose 6 cents to $3.75 share on the Nasdaq market.
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