Cognex Corporation Announces Reduction in Workforce

„\“This has been an especially difficult decision for us because these are all hardworking, experienced and dedicated employees,\“ said Dr. Robert J. Shillman, Cognex’s President, Chief Executive Officer, and Chairman. \“At the start of this downturn, we chose to absorb losses in order to preserve the jobs of these highly valued employees. However, after three quarters of such losses, we have concluded that this slowdown is likely to continue for an indeterminate period of time, and, therefore, that it is prudent to reduce our expenses to be in line with the current level of business in order to return the company to profitability as soon as possible.\“\r\n
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\r\nDr. Shillman continued, \“Many CEOs would follow bad news such as this with comments similar to the following: \“In spite of this downturn, we remain confident about the long term future of our business, and I am confident that we will emerge even stronger, and better and leaner, than we have been in the past.\“ But, in my view, that is simply wishful thinking; there is little reason for optimism today. My colleagues and I have spent the better part of our lives building this business, and it is very painful for us to dismantle parts of it today. However, our customers, employees, and shareholders should be comforted by our perseverance and by our very strong balance sheet, both of which ensure that we will make it through these very challenging times…irrespective of their duration.\“\r\n
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