POET Technologies Plans Reorganization Of Its Engineering Team; Establishes Global Engineering Organization Based In Singapore
Portfolio Pulse from Benzinga Newsdesk
POET Technologies is reorganizing its engineering team by establishing a Global Engineering Organization in Singapore, led by Dr. Mo Jinyu. This move involves transferring functions from Allentown, PA to Shenzhen and Singapore, aiming for annual savings of $1.8-$2 million.
August 29, 2024 | 11:28 am
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POET Technologies is restructuring its engineering team, moving operations from Allentown, PA to Shenzhen and Singapore. This reorganization is expected to save $1.8-$2 million annually, with a one-time cost of $250,000.
The reorganization is a strategic move to optimize operations and reduce costs, which is likely to positively impact POET's financial performance. The expected savings and efficient global operations could enhance investor confidence.
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