Mentor to Cut 150 Jobs in Restructuring

Mentor Corp. said it will fire 150 employees, or 9% of its work force, in a restructuring of its eye products unit that will include plant closings and fiscal third-quarter charges. The Santa Barbara-based company, which has about 1,650 employees, said it expects to take charges totaling $11 million, or 45 cents a share, resulting in a loss for the quarter ending this month. The maker of medical devices is expected to earn 25 cents a share, excluding charges, in the quarter, according to First Call Corp. Mentor said it plans to consolidate the six plants in its eye products business and cut the number of products made by the unit in the next year. It said it expects the increased efficiency to make up for the third-quarter charges within the next three years. Mentor will close three plants in Massachusetts and one in California, leaving the eye products division with one facility in Puerto Rico and one in California. Mentor shares fell 69 cents to close at $18.50 on Nasdaq.