Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

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To: jtechkid who wrote (19213)	5/8/1998 7:53:00 PM
From: Fortinwit	Read Replies (1) of 70976

Applied Materials cuts costs via shutdowns biz.yahoo.com I was aware of the shutdowns, but not the employee cutbacks... is this new news? F. Quotes: Sources said the company was trying to cut as much as 10 percent of its workforce with voluntary severance packages, and industry executives speculated that if not enough employees take the current package, cuts in the company's 16,300 workforce were likely to ensue. ... Applied officials did not immediately return calls seeking comment. Most of the company was closed Friday for a company-wide shutdown. The company reports its second quarter earnings on Tuesday and details on cost cuts are expected. ''Up until March, Applied was quite adamant that they did not want to lay anybody off,'' said another industry source who asked not to be identified. ''They wanted to shorten the work week because when the upturn came, they would have everybody in place. In 1996, they made a mistake of laying people off and the turnaround came and they were caught short-handed.'' But March turned out to be worse for the semiconductor industry than Applied and others had predicted, with chip customers cancelling orders as they cut capital spending.

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