EMCORE Restructuring Update: Personnel Reduction and Alhambra Closure

Core Insights - EMCORE Corporation announced personnel and expense reduction actions, including the planned full closure of its Alhambra, CA site [1][2] - The personnel reductions are expected to yield annualized savings of approximately $17 million and represent about 40% of EMCORE's workforce [2][3] - The restructuring program aims to achieve adjusted cash flow break even ahead of September 30, 2024 [3] Company Overview - EMCORE Corporation is the largest independent provider of inertial navigation solutions for the aerospace and defense industry [1][4] - The company utilizes advanced technologies such as Photonic Integrated Chip (PIC), Quartz MEMS, and Lithium Niobate to deliver high-quality products [4] - EMCORE has vertically-integrated manufacturing capabilities across its facilities in Budd Lake, NJ, Concord, CA, and Tinley Park, IL, maintaining ISO 9001 and AS9100 certifications [4]