Itron to cut 750 jobs worldwide
Liberty Lake energy and water meter provider Itron Inc. announced Thursday it will lay off 9 percent of its workforce, or roughly 750 people.
A filing with the Securities and Exchange Commission estimates the layoffs, plus some office closings and consolidation, will cost between $30 million and $35 million.
The estimated savings is $30 million per year, according to the filing.
The company is looking to increase profits and run more efficiently, said Sharelynn Moore, VP of marketing and public affairs.
Itron’s publicly traded stock has fallen 11 percent this year. CEO Philip Mezey, during an August earnings report, called the company’s earnings “far below acceptable.” Accounting for part of the decline has been the completion of five smart-meter contracts in North America.
Moore said the cuts are across all company departments and operations, including manufacturing. The number of cuts at the Liberty Lake headquarters is not significant, but Moore declined to say how many jobs in Spokane County would be eliminated.
The reductions will affect production facilities in South America and elsewhere overseas.
“The rest of our North American locations are seeing targeted and limited head count reductions,” she said.