Intermec, an Everett maker of rugged mobile computers and bar coding and RFID technologies, said that it plans to cut 170 jobs, or seven percent of its work force, as part of an effort to reduce costs.
“The restructuring plan is intended to bring the company’s cost structure in line with our current and anticipated needs, and will principally affect our general and administrative, and support functions,” the company wrote in a SEC filing. “We expect that the plan will lower costs and improve profitability, and is primarily focused on North America and Europe.”
The plan is set to save the company approximately $19 million to $21 million annually. Prior to the cuts, the company employed about 2,300 people. Most of the layoffs will occur later this year.
The company was founded in 1966 under the name Interface Mechanisms, and is currently traded on the New York Stock Exchange under the ticker IN. The stock has fallen 37 percent in the past year, but it was up two percent in trading today. Intermec posted revenue of $848 million last year.