Universal Technical Institute (UTI) Announces Reduction in Workforce
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Universal Technical Institute, Inc. (NYSE: UTI) announced it has completed a reduction in its workforce of approximately 195 employees nationwide. The headcount of the Company following these reductions is approximately 2,270 employees.
Severance and outplacement charges relating to the reduction in force of approximately $4.3 million will be included in the results of the third quarter ending June 30, 2011. The reduction in the workforce is expected to provide an expense savings in compensation and related benefits in fiscal 2012 of approximately $12.4 million.
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Severance and outplacement charges relating to the reduction in force of approximately $4.3 million will be included in the results of the third quarter ending June 30, 2011. The reduction in the workforce is expected to provide an expense savings in compensation and related benefits in fiscal 2012 of approximately $12.4 million.
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