Note 7 - Restructuring Charges

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE 7. RESTRUCTURING CHARGES

During the first nine months of 2021, we recorded restructuring charges of $319 related to the consolidation of our production facilities and closure of our Merrifield, Minnesota facility. With the Merrifield closure, we shifted 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 September 30, 2021. We reduced our workforce by approximately 42 employees as a result of this facility closure.

The sale of the Merrifield facility was completed in July 2021. We recognized a gain on the sale of assets related to the restructure of $93 and $176 for the three and nine months ended September 30, 2021, respectively.