GSI Group
(GSIG:
sentiment,
chart,
options)
announced that it will take a $4.9-million charge in its fiscal fourth-quarter to restructure its U.K. laser business based in Rugby. All volume manufacturing of legacy laser products will be moved from the U.K. to other GSI and former Excel Technology laser manufacturing sites.
The restructuring is projected to be completed by the end of 2009 and generate annual pretax savings in the range of $2.0 million to $3.0 million.
Technically speaking, the shares have dropped more than 95% from their near-term peak of $11.71. The stock is currently clinging to support in the 50-cent area.
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