MANHASSET, N.Y. Littelfuse Inc. announced Friday (Jan. 28) it has made an undisclosed number of job cuts in its manufacturing, selling, administrative and other overhead functions in response to a recent sales slowdown.
Littelfuse (Des Plaines, Ill.), which makes circuit protection components, will take a pre-tax charge of $3.5 million in the first quarter of 2005 for the reductions.
"The recent slowdown in a few of our key markets has caused us to take action to better align expenses with current business levels," said Gordon Hunter, president and chief executive of Littelfuse, in a statement. "We have now right-sized our manufacturing plants globally and reduced operating expenses, which will result in annual cost savings of approximately $5 million."
The company warned in a press release dated Dec. 21, 2004, it would be "reducing expenses across much of the company without compromising strategic initiatives in new product development and solution selling."