Lumenis Ltd. announced Wednesday that it plans to relocate its manufacturing operations and service depot from Santa Clara, Calif., to company facilities in Utah and Israel.
Lumenis manufactures laser and intense-pulsed light devices that are used in a variety of aesthetic, ophthalmic, surgical and dental applications.
The move will result in 150 layoffs in Santa Clara. However, 75 new employees will be recruited in Salt Lake City and Israel.
The moves, when completed, are expected to yield annual savings of $10 million, according to a company statement. Lumenis expects to complete the transition, which began in the first quarter of 2002, by March 2003.
Ophthalmic and surgical business units will remain in Santa Clara, including sales, marketing, research and development, and certain service and other functions.
In early trading Wednesday, shares of Lumenis were up 32 cents at $3.70 a share.