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IPG Photonics Corp., a maker of industrial lasers, announced this week that 300 positions will be eliminated from its global workforce. The news follows the release of the company’s third-quarter earnings report. IPG posted $329 million in revenue during the third quarter, or $1.07 per diluted share, compared to $356 million, or $1.84 per diluted share, in the same quarter in 2018.
The company began implementing a cost-reduction program in the fourth quarter of last year and expects to reduce annualized operating expenses by approximately $30 million, according to the report. The full impact is expected to be achieved by the end of the fourth quarter of 2019.
At the end of 2018, IPG announced that its board of directors had…