UPDATE 1-Align Tech to close New Jersey unit, cut 119 jobs
* Sees related charge of about $2 mln
* Expects annual savings of about $4 mln
* To merge New Jersey operations with San Jose unit (Follows alerts)
Sept 7 (Reuters) - Dental products maker Align Technology Inc said it will shut its New Jersey unit and cut 119 jobs to reduce operating costs.
The company, which has a global headcount of about 2,400, expects to take a charge of about $2 million from the unit closure and job cuts.
Of this, it expects to record about $1.1 million this year and $900,000 by the third quarter of 2012. Align does not expect these charges to hurt its 2011 earnings.
The company, which makes teeth-alignment systems, expects to save about $4 million annually from the consolidation that is expected to start in the fourth quarter and to be completed by the third quarter of 2012.
Align said it will combine the computer-aided design, manufacturing and scanner-related activities based in Carlstadt, New Jersey with its existing manufacturing unit at San Jose, Costa Rica.
In March, the company bought privately held Cadent Holdings Inc for $190 million in cash to expand its presence in restorative dentistry.
Shares of Align Technologies closed at $17.60 on Tuesday on Nasdaq. (Reporting by Zeba Siddiqui in Bangalore; Editing by Roshni Menon)
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