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MTI slashes work force: Colonie fuel cell maker says in filing it hopes for better market prospects next year(Times Union (Albany, NY) (KRT) Via Acquire Media NewsEdge) Sep. 5--COLONIE -- Mechanical Technology Inc. is eliminating 29 positions -- including its chief financial officer -- as a way to cut expenses and hold on to its cash. The cuts represent nearly one third of the work force at the Colonie-based company, which has been struggling to make it through to next year with enough money to commercialize its micro fuel cells for use in hand-held electronics such as cellphones and cameras. The company reported the cutbacks in a filing Thursday with the Securities and Exchange Commission after the markets had closed for the day. No public announcement was made. The decision was made last week by the company's board of directors, the filing states. Just a year and a half ago, the company eliminated 25 positions in another round of restructuring. The job cuts took effect last Friday, although it's unclear if employees had to leave MTI that same day. A company spokesman could not immediately be reached for comment, but the cuts do not come as a surprise. MTI has been signaling for a while now that it is facing serious financial challenges. The company's last annual report said the company employed 107 people. In addition to its fuel cell division, MTI also has a precision test and measurement instrument division based on Washington Avenue Extension in Albany. Last month, the company announced a second-quarter loss of $3.3 million. The departure of Cynthia Scheuer, the company's CFO, will save MTI significantly. Scheuer made $210,000 in 2007. She will be leaving the company by Sept. 26. Her severance package includes health benefits and pay for an additional six months. To see more of the Albany Times Union, or to subscribe to the newspaper, go to http://www.timesunion.com. Copyright (c) 2008, Albany Times Union, N.Y. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |