SMART WIRES TECHNOLOGY LTD REFOCUSES BUSINESS AND REDUCES COST STRUCTURE
DURHAM, NC – October 31, 2022 – Smart Wires Technology Ltd (Smart Wires) today announced a restructuring to further focus its business on core markets and improve its cost structure. Aligned with the restructuring, Smart Wires implemented a reduction in force affecting 35% of employees.“It is always a very difficult decision to reduce staffing and separate from valued colleagues,” said Peter Wells, CEO of Smart Wires. “Our business has been affected by supply chain challenges that have delayed backlog execution, making it difficult for us to balance our cost structure with current revenue