Cognex will cut 85 employee and contractor jobs, eliminate most unfilled positions, cut executive salaries, reduce leased office space, cut 401(k) contributions and slash spending.

The plan will save the firm $15 million a year.

Cognex Corporation is a manufacturer of machine vision systems, software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots. Cognex is headquartered in Natick, Massachusetts. It has offices in more than 20 countries.