Vectrus cuts sixty-four jobs at Colorado Springs headquarters
Vectrus announced a corporate reduction in force and a realignment of effort resulting in the elimination of 64 positions at the Colorado Springs headquarters. The corporate realignment, building on organizational actions initiated earlier this year, will also place critical business functions closer to both customers and contracts. The reductions taken today are in addition to 18 open or unfilled positions the company eliminated throughout the year. The financial implication of these efforts will result in an approximate $2M severance expense in the Q4 with an anticipated annual savings of $8M related to the action taken. The company expects to realize additional savings in 2017 through reductions taken on non-labor discretionary expenditures.