Struggling Irvine telescope maker Meade Instruments Corp. said Tuesday it’s closing a Georgia plant and cutting 20 jobs.
The move is “another step in our efforts to align our operating expenses with current revenues to increase Meade’s operational efficiency,” Chief Executive Steve Muellner said.
Meade expects to save $500,000 in 2007 and another $300,000 in 2008 by closing the plant in Thomasville near the state line with Florida.
The company has been losing money and dealing with other problems, including a probe of stock option grants and activist shareholders.
In June, Meade settled a shareholder dispute by expanding its board. The company added two seats to make way for representatives from investors who had complained about performance and executive pay.
