November 1, 2007 / 9:15 PM / 11 years ago

Meade Instruments to cut 120 jobs

Nov 1 (Reuters) - Telescope maker Meade Instruments Corp MEAD.O said it will reduce U.S. employee base by 60 percent, or about 120 jobs, and close its manufacturing operations in Irvine, California during fourth-quarter, to cut costs.

Meade expects to incur total cash restructuring charges of about $0.5 million related to the job cuts started in the third quarter, the company said in a statement. (Reporting by Neetha Mahadevan in Bangalore)

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