Superconductor Technologies (SCON) Announces Cost Reduction Plan

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Go back to Superconductor Technologies (SCON) Announces Cost Reduction Plan

Superconductor Technologies Announces Cost Reduction Plan

January 28, 2020 4:54 PM EST

AUSTIN, Texas, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq: SCON) announced a cost reduction plan for the purpose of aligning its personnel needs and capital requirements as the company explores strategic alternatives it previously announced. 

The Company will maintain operations of its Sapphire Cryocooler cryogenics initiatives while ceasing additional manufacturing of its HTS Conductus® wire. The plan also includes a 70% employee workforce reduction.  The company thanks its employees for their valuable contributions during their employment.

As a result of the cost reduction plan, management anticipates that it will not incur any... More