ELKHART, Ind. (AP) — CTS Corp., which makes electronic components, said Monday it plans to realign certain manufacturing operations and eliminate about 103 jobs in the fourth quarter.
Certain production lines will be transferred to help the company better serve key customers and leverage existing capacity, CTS said.
The realignment will result in a pretax restructuring charge of between $3 million and $3.5 million.
About $2.8 million of the total expected cost will be recorded in the fourth quarter, the company said, with the remainder to be recorded in the first quarter of 2008. CTS said annualized pretax savings are projected to be about the same as the cost of the realignment. The company has about 5,000 employees, according to Thomson.
CTS shares rose 18 cents to close at $11.32. Shares fell 9 cents to $11.23 in after-hours trading.