Restructuring telescope maker Meade Instruments Corp. is moving to a smaller Irvine building to cut costs after shifting production to Mexico and Asia last year.
Meade plans to move to a 26,000-square-foot building in the Irvine Spectrum. It now leases 160,000 square feet of space nearby in the Spectrum.
The move is designed to save about $1.4 million in annual rent, according to Meade.
Meade is paying The Irvine Company, owner of both buildings, $1.2 million to get out of its current lease.
The new building is set to serve as Meade’s headquarters and warehouse.
The move is the latest in an ongoing bid to turn around the maker of telescopes, binoculars and microscopes.
A year ago, Meade cut about 120 local jobs as it shifted production to Mexico and contract plants in China. The company saw supply problems last year related to the move.
Earlier this month, Meade replaced former chief executive Steven Muellner with current boss Steve Murdock, who led the company from 2003 to 2006.
Meade has suffered from weak sales and losses, most notably from an expansion into riflescopes.
The company’s stock has been decimated, falling 90% in the past year to a recent market value of about $3 million.
In the past year or so, Meade has sold off three riflescope brands.
