Uniroyal Technology to cut positions, freeze salaries

Jan. 7, 2002 – Sarasota, FL – Uniroyal Technology Corp. is set to consolidate its business to further its goal of transitioning to a company focused on optoelectronics and electronic devices.

The company will implement a work force reduction of 90 employees. Additionally, the company is marketing its Coated Fabrics segment to provide additional cash for the transition.

“These restructuring actions will enable the company to more effectively address the needs of our business.” said Howard Curd, chairman and CEO of Uniroyal. “The decision to reduce our work force was a tough one. But in order to facilitate our consolidation, it became necessary to reduce headcount in the compound semiconductor & optoelectronics segment and to eliminate corporate functions that did not directly support that segment.”

UTC has also implemented a companywide salary freeze, together with a cut in the base salaries of its key executive officers, and the elimination of any bonuses for FY01. This long-term plan is targeted to further help improve the company’s cash flow and propel its move towards profitability. None of the cost cutting measures have impacted the R&D functions.


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