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<<Applied Materials to cut 15 percent of work force
SANTA CLARA, Calif., Aug 25 (Reuters) - Applied Materials Inc., the world's largest supplier of equipment used to make computer chips, on Tuesday said it planned to cut 2,000 jobs, or about 15 percent of its work force, amid a global downturn in the semiconductor industry.
The company said it would cut 750 jobs at its Santa Clara, Calif., operations and 600 positions at its plant in Austin, Texas.
Most of the other jobs to be eliminated will come from other locations around the world by the end of October. As part of the broad reorganization, the company will also
cut executive salaries by 10 percent.
Applied said it expected to report a non-recurring charge for the restructuring, resulting in an unspecified net loss for the fourth quarter, ending Oct. 25.
''An unprecedented convergence of three factors -- difficult economic conditions in Asia, industry overcapacity and the movement toward sub-$1,000 personal computers -- is continuing to cause customers to delay equipment deliveries and investments in capacity and strategic programs,'' Chairman James Morgan said.
Since December, Applied has been cutting costs by restricting hiring, reducing the number of temporary workers and contractors, scheduling mandatory shutdown days and accepting voluntary redundancies, among other measures. >> |
