FORT COLLINS, Colo.—Advanced Energy Industries Inc., which makes power conversion and control systems, has cut its Fort Collins work force by about 10 percent.
Chief financial officer Lawrence Firestone says the cuts were made across the board, and affected employees were notified Thursday.
About 570 employees remain in Fort Collins.
The layoffs were part of a larger announcement from the company detailing the elimination of 7 percent of its global work force, or 114 jobs.
The company says other cost-saving measures will include 10 percent pay cuts for all executives, a 10 percent reduction in board of directors’ fees, lower discretionary spending, and consolidating of certain sales and service offices.
The company says the measures are ways to “better align its cost structure with current market conditions.”
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Information from: Fort Collins Coloradoan,
