Teradyne to close California plant, cut 320 jobs, says report
By Peter Clarke
Silicon Strategies
01/12/2005, 6:22 AM ET
LONDON — One of the world's largest automatic test equipment providers, Teradyne Inc. (Boston, Maass.), is the latest to be hit by a downturn in the ATE market and has said it plans to close a plant in Poway, California, and fire 320 employees, according to a Bloomberg report on the LA Times website.
The report said the cut would affect Teradyne's connection systems division and its assembly test division and cited a regulatory filing Tuesday (Jan. 11) as its source.
Teradyne has set aside US$11 million for costs associated with the job cuts and plant closure and the moves would be completed in the first quarter of 2005, according to the report.
Teradyne's lay-offs follow cuts at inTest and Credence in November 2004. In the same month market research firm Gartner said that between 20 percent and 40 percent of all ATE companies would have to close down over the next decade.
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