Business
iRobot lays off 10% workforce amid $1.7 bn Amazon acquisition
San Francisco, Aug 10
Global consumer robot company iRobot, acquired by Amazon for $1.7 billion last week, has laid off 10 per cent of its workforce -- nearly 140 workers.
The company said that to better align its cost structure with near-term revenue, it is in the process of initiating a "restructuring of its operations".
"The actions are expected to result in a net reduction of approximately 140 employees, which represents 10 per cent of the company's workforce as of July 2, 2022," it said in its quarterly earnings report.
The restructuring, said the company, is expected to deliver net savings in the range of approximately $5 million to $10 million in 2022 and approximately $30 million to $40 million in 2023.
This latest round is double the number iRobot laid off in April 2020 at the outset of the pandemic.
The layoff at iRobot came as Amazon announced to acquire iRobot for $1.7 billion in an all-cash deal.
iRobot introduced the first Roomba robot vacuum in 2002 and has sold millions of robots worldwide for cleaning, mapping and navigation.
On completion of the transaction, Colin Angle will remain as CEO of iRobot.
"Since we started iRobot, our team has been on a mission to create innovative, practical products that make customers' lives easier, leading to inventions like the Roomba and iRobot OS," said Angle, chairman and CEO.
"Amazon shares our passion for building thoughtful innovations that empower people to do more at home, and I cannot think of a better place for our team to continue our mission," he added.
37 minutes ago
Man sets himself on fire in New York outside Trump's criminal trial court
39 minutes ago
Indian student's death in US possibly linked to Blue Whale suicide game
14 hours ago
Cong Corporator slams CM Siddaramaiah, says gang behind daughter’s murder
14 hours ago
188 Guggenheim Fellowship Include Four Indian Americans
14 hours ago
1 in 10 Asian Americans Face Poverty, Defying Stereotypical Success Assumptions
15 hours ago
The United States will not send election monitors to India.
15 hours ago
At the GOPIO 2024 conference, the role of India's diaspora will be highlighted.
15 hours ago
Maulik Pancholy Barred by Pennsylvania School District
15 hours ago
IOC Team in Karnataka to boost Congress
15 hours ago
The New Jersey India Commission has appointed Rajpal Bath as its executive director.
15 hours ago
Indian insurance industry in FY24: Non-life grew by 12.8 pc, life at 2 pc
16 hours ago
Tamil Nadu records 40.05 pc voting till 1 pm
17 hours ago
Maha: 5 Vidarbha constituencies records 32.36 pc polling till 1 pm