CTS to lay off 103 workers in reorganization

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CTS Corp., which designs and manufactures electrical components and sensors, said yesterday it will eliminate 103 positions this year to improve efficiency. The Elkhart company operates globally and didn’t specify where the cuts would be made.

The realignment will cost $2.8 million, but will save a similar amount on an annual basis after the cost is absorbed in the coming year, CTS said.

Its stock price has fallen to $11.32 a share from near $16 a year ago.

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