AeroVironment (AVAV) Cuts Jobs in UAS Segment
On September 26, 2013, AeroVironment, Inc. (Nasdaq: AVAV) implemented a workforce reduction in its Unmanned Aircraft Systems (UAS) business segment.
The workforce reduction is in response to shifts in the UAS segment’s business mix and is intended to align the skills within UAS more closely with market requirements to support ongoing programs and emerging growth opportunities..
The cost associated with this organizational realignment and workforce reduction is estimated to be approximately $685,000, consisting primarily of severance payments. The Company expects to record this charge in its fiscal second quarter ending October 26, 2013.
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