Note 7 - Restructuring Charges

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE 7. RESTRUCTURING CHARGES

During the first six months of 2021, we recorded restructuring charges of $296 related to the consolidation of our production facilities and closure of our Merrifield, Minnesota facility. With the Merrifield closure, we are shifting wire and cable assembly, system-level assembly and printed circuit board (PCB) manufacturing to Nortech’s other Minnesota locations. No amounts were accrued for the period ended June 30, 2021. We reduced our workforce by approximately 42 employees as a result of this facility closure. As of June 30, 2021, this closure qualified for held for sale accounting. We had a gain on sale of assets of $94 in the three months ended June 30, 2021 related to the sale of machinery and equipment.