Newport 'ahead of schedule' in plan to achieve annualized cost savings of $15M

Robert J. Phillippy, Newport's president and CEO, stated, "The $15M cost reduction plan we launched earlier this year was well timed, and we are implementing it effectively. In parallel, we continue to execute our strategic plan, with a focus on new product development and market share gains. These combined efforts will enable us to achieve strong growth and significant operating leverage as market conditions improve."