Intermec, based in Everett, said it will lay off about 260 people as it restructures and outsources final assembly of its data-collection products.
Shares of Everett-based Intermec fell more than 20 percent Thursday after it said it will lay off about 260 people and restructure its assembly and service operations over the next year.
The maker of data-collection systems such as bar code printers said it will outsource the final assembly of its products, now done in Everett, to Venture Corporation Limited, a global electronics manufacturer based in Singapore.
The company also will consolidate two U.S. service depots to existing locations in Charlotte, N.C. and Monterey, Mexico, and transfer its on-site field service repair to a third party supplier, it said in a press release Thursday.
Intermec stock fell $4.14, or 20.5 percent, to $16.08, a 42-month low.
Most Read Business Stories
- Seattle artists worry potential sale of historic INS building could spell the end for their studios
- Fired after organizing, Starbucks baristas turned down a payout and took their bosses to court
- Frontier cancels flight, citing maskless passengers
- 6 Dr. Seuss books won't be published for racist images
- The penthouse atop Smith Tower is on the rental market for the first time
The company also revised downward its revenue guidance for the quarter ended June 29. The revised range is $216 million to $218 million, compared to $227 million to $232 million. The company will report its financial results on July 31.