Faro Technologies to cut 8% of work force in 2nd layoffs

Faro Technologies, which makes portable electronic measurement systems, said it is cutting 8% of its work force. That's on top of layoffs that claimed 21% of its staff earlier this year. It didn't specify the number of employees affected by the latest cuts. Its Web site says it employs over 850 people worldwide, which implies 68 employees might be affected. Faro said new cuts are expected to save $4.1M a year. They will result in a charge of $600,000 in the 3rd-Q for severance costs. In total, this year's layoffs are expected to save $17M a year, it said. "Though the long-term opp for Faro remains strong, there is clearly some weakness in the current market," Faro CEO Jay Freeland said. "While we regret the impact of this decision on our employees, we believe the reduction in force is prudent & should help us return to profitability as soon as 2010." It would give more details when it reports its 3rd-Q financial results in Nov. Shares closed earlier down 10