More on CYMI restructuring........
semibiznews.com
A service of Semiconductor Business News, CMP Media Inc.
Story updated 1:30 p.m. EDT/10:30 a.m. PDT, 9/11/98
Cymer restructures, cuts workforce by 12%
SAN DIEGO -- Cymer Inc. here today announced today that it will reduce
its global workforce by about 12% as part of a restructuring plan in the face
of lagging business in the beleaguered semiconductor industry.
The maker of excimer lasers for deep-ultraviolet photolithography systems
expects total revenues for the third quarter to be 10% to 15% lower than
those for the second quarter. But it said it believed its cost-saving measures
would still allow earnings for the third quarter to be near current Wall Street
expectations.
A total of 98 positions will be eliminated, most of them at the company's San
Diego headquarters, resulting in a worldwide headcount of 713. Senior
executives' salaries will be reduced by 10%.
"We are currently in a highly volatile, rapidly changing market environment
that continues to be affected by capacity issues in the semiconductor industry
as well as the economic situations in Japan, Asia and the rest of the world,"
said Robert Akins, president and CEO of Cymer.
"Over the past several months, we have instituted a number of
cost-reduction programs. However, in response to the prolonged downturn
in the industry, it has become necessary to restructure for an even lower
business volume in the near term. Our goal with this restructuring is to reduce
our overhead structure and improve our efficiencies, while continuing to
make sound investments in the resources that can provide for the long-term
competitiveness and growth of Cymer." |
