Bose to cut down workforce

Audio-equipment maker Bose Corp. plans to cut around 1,000 jobs, or 10 percent of its workforce.

“We have been staffed for a growing economy, not a global recession. As a global company, we are responding to these challenges,” the company said in a prepared statement Tuesday.

The Framingham, Mass., company, which is privately held and does not disclose revenue or employment figures, was founded in 1964 by then-Massachusetts Institute of Technology professor Amar Bose. It has continued to have a strong link to MIT throughout its history, serving as a major hirer of MIT engineering graduates.

Bose has repeatedly credited his company’s private ownership structure as a key to its long-term success in churning out state-of-the art audio equipment. He also said it enabled the company to invest in a number of Bose’s pet projects over the years, including a yet-to-be-commercialized suspension system for cars.

Article courtesy of The Boston Globe