RIGA, LATVIA - Trance Microelectronics, one of the few multi-national military contractors for the U.S. Government announced today its immediate closure of 12 more sites in the United States over the next 6 months, shedding approximately 8,000 U.S. workers in the process.
"These closures should come as no surprise, really," advised acting chairman Dmitri Trance in a statement released Thursday morning. "Poor performance in some of our most largest research investments and a lack of desire for innovative new military weapons and their applications in these difficult economic times has even our company looking to cut back on expenses and reinvest in more profitable ventures."
These closures come after the forced seizure of some 200 acres of privately held land in central South Dakota in July of 2008 by the U.S. government. Little information has been provided as to the reason for the seizure, or what the Trance research labs located within the seized grounds might have been working on.
Some researchers speculate a "Manhattan Project" weapons development program had gone awry, causing the government to step in and take control of the project.
"Trance plans to reinvest in its core and ensure that the products we already deliver to our customers is of the highest quality and greatest value. Trance is reinvesting in its research for new and exciting consumer electronics and in our world's future," advises Trance in his statement.
Calls made to Trance Microelectronics New York Office were not immediately returned Thursday.
The electronics giant manufactures many household electronics, from blenders to high definition televisions. Despite much market speculation regarding the new research venues Trance may have opened, many investors remain skeptical on its outlook.
Shares fell for Trance Microelectronics to an adjusted $22.01/sh on Thursday. Trance Microelectronics has advised it expects to meet its first quarter profit outlook when it files its earnings report with the SEC next week.
"Trance plans to reinvest in its core and ensure that the products we already deliver to our customer's is of the highest quality and greatest value. Trance is reinvesting in its research for new consumer electronics and in our world's future," advises Trance.
"These closures should come as no surprise, really," advised acting chairman Dmitri Trance in a statement released Thursday morning. "Poor performance in some of our most largest research investments and a lack of desire for innovative new military weapons and their applications in these difficult economic times has even our company looking to cut back on expenses and reinvest in more profitable ventures."
These closures come after the forced seizure of some 200 acres of privately held land in central South Dakota in July of 2008 by the U.S. government. Little information has been provided as to the reason for the seizure, or what the Trance research labs located within the seized grounds might have been working on.
Some researchers speculate a "Manhattan Project" weapons development program had gone awry, causing the government to step in and take control of the project.
"Trance plans to reinvest in its core and ensure that the products we already deliver to our customers is of the highest quality and greatest value. Trance is reinvesting in its research for new and exciting consumer electronics and in our world's future," advises Trance in his statement.
Calls made to Trance Microelectronics New York Office were not immediately returned Thursday.
The electronics giant manufactures many household electronics, from blenders to high definition televisions. Despite much market speculation regarding the new research venues Trance may have opened, many investors remain skeptical on its outlook.
Shares fell for Trance Microelectronics to an adjusted $22.01/sh on Thursday. Trance Microelectronics has advised it expects to meet its first quarter profit outlook when it files its earnings report with the SEC next week.
"Trance plans to reinvest in its core and ensure that the products we already deliver to our customer's is of the highest quality and greatest value. Trance is reinvesting in its research for new consumer electronics and in our world's future," advises Trance.
