EGLS sneaks a charge and staff cuts out late in the evening...
Wednesday September 2, 8:38 pm Eastern Time
Electroglas to cut jobs, take charge
SANTA CLARA, Calif., Sept 2 (Reuters) - Electroglas Inc. said Wednesday it will cut about 13 percent of its global workforce, or about 90 employees, as part of cost reductions measures to offset the struggling semiconductor market.
The company said in a statement its worldwide employee headcount has decreased by about 22.5 percent since the beginning of the year and it expects to report a charge in the third quarter ending Sept. 30 to cover costs related to the job cuts.
The company did not specify the amount of the charge and a spokeswoman was not immediately available for comment.
Electroglas said it also has extended its policy of mandatory days off, instituted in the second quarter, for the third and fourth quarters. Executive salaries have also been reduced, the company said.
''The dramatic worldwide slowdown in the semiconductor and related equipment industries continues to affect our business,'' said Curt Wozniak, chairman and chief executive.
Electroglas delivers essential tools for process management designed to enhance the profitability of semiconductor companies. The company's wafer probers, inspection systems and software solutions serve as the data collection, management and analysis tools that semiconductor manufacturers depend on to improve their productivity and process control by optimizing sort-floor efficiency.
Electroglas has been a leading supplier of wafer probers for over 35 years and has an installed base of more than 10,000 systems. The company's stock trades on the NASDAQ National Market under the symbol ''EGLS.'' The company's World Wide Web site is located at www.electroglas.com.
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