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Technology Stocks : Applied Materials No-Politics Thread (AMAT)
AMAT 327.03+2.5%Jan 16 3:59 PM EST
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To: Proud_Infidel who wrote (3398)10/2/2002 5:33:44 PM
From: Proud_Infidel  Read Replies (1) of 25522
 
TSMC's WaferTech foundry unit reduces workforce
Semiconductor Business News
(10/02/02 01:04 p.m. EST)

CAMAS, Wash. -- Silicon foundry WaferTech LLC--a subsidiary of Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC)--here has reduced its workforce amid the ongoing downturn in the semiconductor industry, according to sources in the industry.

Sources said WaferTech reduced its workforce by 170 employees, following a sudden drop in orders from chip makers. A spokeswoman from WaferTech confirmed the company “adjusted” its workforce on Tuesday of this week, but she declined to comment on how many employees were involved.

The WaferTech spokeswoman indicated the 170-employee figure cited by sources was not accurate and “way, way too high.” The Camus-based foundry “did have a small adjustment in its workforce,” the spokeswoman told SBN.

The reductions mostly impacted fab operators and temporary employees, the spokeswoman said. At present, the company has 860 employees.

The move follows recent reports that TSMC and UMC will reduce its capital spending plans for 2002--again. The two Taiwanese foundry giants are currently experiencing slower-than-expected growth in the second half of 2002 (see Sept. 30 story ).

The layoffs represent the latest in a series of cost-cutting measures at WaferTech, which was started six years ago as a joint-venture foundry but is now 99% owned by TSMC. Last year, WaferTech announced at least two rounds of layoffs amid the IC downturn.
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