July 23 CTS Corp, a manufacturer of
electronic components, cut its full-year sales outlook on
negative economic growth in Europe and a stronger dollar, and
said it will reduce 260 positions across its global operations.
The company now expects 2012 sales to grow 4 percent to 7
percent, lower than its previous forecast of 10 percent to 13
CTS reaffirmed its full-year 2012 adjusted earnings forecast
of 75 cents to 80 cents per share.
The restructuring plan is expected to help the company save
about $6 million annually, it said in a statement.
CTS took a charge of $3.8 million, or 8 cents per share, on
the $5 million restructuring plan in the second quarter. It
expects to recognize the remainder in the second half of the