Methode Electronics Inc., citing continuing cost pressures, said Thursday that it plans to eliminate 700 jobs at its Illinois production facilities as the Chicago-based company continues to shift production offshore.
The jobs being cut by the maker of electronic components are at Methode's automotive operations in Carthage and Golden, Ill., as well as its electronic-connector operation in suburban Rolling Meadows.
Shares of Methode added 84 cents, to close at $12.24, on the New York Stock Exchange.
Because of the financial impact the job cuts will have on terminated workers, the decision to initiate the domestic restructuring was "made with great difficulty," said President and Chief Executive Donald Duda.
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