Vectrus, Inc. (NYSE: VEC) has announced a corporate reduction in force and a realignment of effort resulting in the elimination of 64 positions at the Colorado Springs headquarters, the company said.
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.
During the past year, Vectrus has worked to structure the corporation to better align solutions to customer needs. These efforts have focused around the operations centers created earlier this year — one in Reston, Va., supporting the IT and Network Communication service offering, and one in Colorado Springs supporting the Infrastructure Asset Management (Infrastructure) and Logistics and Supply Chain Management (Logistics) service offerings.
The financial implication of these efforts will result in an approximate USD2 million severance expense in the fourth quarter of 2016 with an anticipated annual savings of USD8 million related to the action taken today. The company expects to realize additional savings in 2017 through reductions taken on non-labor discretionary expenditures.
Vectrus provides facility and logistics services, and information technology and network communication services to US government customers around the world.