BTI cuts work force in restructuring
Magnetic source imaging developer Biomagnetic Technologies ofSan Diego has implemented a restructuring that includes layingoff 16 employees. The firm said that it was taking the steps dueto "lower short-term market projections" for its
Magnetic source imaging developer Biomagnetic Technologies ofSan Diego has implemented a restructuring that includes layingoff 16 employees. The firm said that it was taking the steps dueto "lower short-term market projections" for its products.
BTI posted a series of losing quarters through 1996, due toshipment delays for its Magnes 2500 WH system. At the same time,however, it has also accumulated a record backlog.
BTI expects to complete development of Magnes 2500 WH in thenext several months, at which time it expects to let go another28 employees as an additional cost-cutting measure.
As part of the changes, Scott Buchanan has assumed the responsibilitiesof president from James Schumacher, who remains chairman and CEO.Buchanan also assumes the COO title.