Friday, Technology company FARO Technologies, Inc. (FARO), announced a reduction in its workforce, impacting about 7% of its employees globally, predominantly in manufacturing and administrative-related positions. FARO said the move is driven by the ongoing economic weakness and a continued lack of near-term visibility for its business.
The restructuring is expected to provide the Lake Mary, Florida - based company savings of about $4.5 million on an annualized basis. FARO noted that it expects to incur severance costs of $0.5 million in the first quarter of fiscal year 2009.
Jay Freeland, FARO's President and Chief Executive Officer said, "Today's announcement is the result of taking a regrettable but necessary step towards protecting the continued long-term health of the business."
FARO is currently trading at $11.99, down $0.40 or 3.23%, on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.