Inrad Optics to consolidate Florida metal optics operations in New Jersey facility

Northvale, NJ--Inrad Optics, which makes electro-optic crystalline materials, high precision glass, and metal optical components, announced plans to move the operations of its Sarasota, FL metal optics facility to its Northvale, NJ optical production center and corporate headquarters. The consolidation is part of a larger strategic effort to improve the company's value proposition and financial results.

The move will centralize the company's optical problem solving skills and allow it to leverage the metal optics facility's single-point diamond turning capability over a broader range of optical materials. The company has seen a falloff in bookings from two primary customer groups, government installations and defense prime contractors, in the first three quarters of 2013. Inrad Optics anticipates operations in Sarasota will be fully transferred by the end of March 2014.

CEO and President Amy Eskilson says, "The consolidation of our metal optics facility into the New Jersey headquarters presents an opportunity to integrate all of our unique resources into one optimized facility, and will offer our customers a strengthened set of build-to-print capabilities and products. Additionally, the consolidation will allow the company to make significant improvements to our operating results."

The company expects to incur one-time cash charges of approximately $750,000 to $900,000, primarily associated with employee termination and relocation, moving of equipment, preparation of the Northvale facility and other general costs associated with consolidation. Overall annual reductions in operational costs are expected to be in the range of $800,000 to $1,000,000 per year starting in the second quarter of 2014.