FormFactor Announces Restructuring - Quick Facts

(RTTNews) - FormFactor, Inc. (FORM) announced an organizational restructuring and cost reductions, which will eliminate approximately 61 positions worldwide. The company expects savings of about $1 million in the first quarter of 2014, excluding the restructuring costs of approximately $1.2 million, and about $2 million of savings per quarter beginning in the second quarter of 2014.

"It has been one year since the acquisition of MicroProbe and these actions are the logical next steps to realize further synergies in our company. The restructuring and cost reductions improve our efficiency and effectiveness while positioning FormFactor for a profitable year in 2014," said Tom Dennis, FormFactor CEO and Executive Chairman.