POET Technologies Reorganizes Engineering Team With Scheduled Closing of US Operation

MT Newswires Live08-29

POET Technologies (POET) said Thursday that it has established a global engineering organization in Singapore to reorganize its engineering team for the optimization of design, component engineering, and new product introduction operations globally.

As part of the reorganization the firm will transfer its engineering design and manufacturing interface functions to Shenzhen, China, from Allentown, Pennsylvania, with other functions being transferred to Singapore, POET said.

The new global engineering organization will be headed by Senior Vice President Mo Jinyu, the company said.

The company said it anticipates $1.8 million to $2 million in annual cost savings from shutting down its Allentown operations around March 31, 2025.

Price: 2.8500, Change: -0.09, Percent Change: -3.06

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