Here is the press release from 1996:
Again, the following is from 1996......
To: +Brent D. Beal (1679 )
From: +Tom Toxby Tuesday, Aug 13 1996 5:02PM ET
Reply # of 23290
Here is AMAT's press release:
Applied Materials Inc said it will cut its global employee base by about seven percent, or 830 jobs, and discontinue about 879 temporary and contract jobs, resulting in a fourth quarter charge.
It said it will incur an estimated $28-32 million pre-tax
restructuring charge, or about $0.10-$0.11 per share
after-taxes, in its fourth fiscal quarter ending October 27, to
cover employee severance costs and benefits, and other costs
relating to consolidation of facilities.
It also said that corporate-level executives and the board
of directors will take a 10 percent pay cut.
Affected employees will be notified beginning today.
Of the 830 job cuts, about 390 employees will be affected
at its Santa Clara operations and about 340 will be affected at
its Austin operations. The remainder of the jobs will be
eliminated at other locations worldwide, it said.
"Since March, we have implemented a significant number of
cost-reduction programs in response to the changing
environment. Unfortunately, all indicators now point to a
downturn in our business, which is likely to continue for some
time. As a result, our current employment level is beyond what
we can sustain during this period," Dan Maydan, president of
Applied Materials.
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The 1996 low was the week of 9/2-9/6.
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