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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (672)	12/12/2001 4:08:41 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Applied Materials Announces Reduction in Work Force SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 12, 2001--Applied Materials, Inc. (Nasdaq:AMAT - news), today announced that it will reduce its global work force by approximately 1,700 positions, or approximately 10 percent, in response to the continuing downturn in the semiconductor industry. The Company will record a restructuring charge for the first fiscal quarter, ending January 27, 2002. Employees will be notified beginning Thursday, December 13. Approximately 450 positions at Applied Materials' Silicon Valley operations and approximately 600 positions at the Company's Austin operations will be affected. Employees in selected groups will be offered the option of participating in a furlough program, an unpaid leave of absence during which they will be eligible for certain employee benefits. The Company has implemented several cost-saving programs in response to the slowed demand in the semiconductor and equipment industries, including executive and employee salary reductions, restricted hiring and travel, mandatory shutdown days, a voluntary separation plan and a reduction in the regular and temporary work force. ``Unfortunately, the continuing downturn requires us to make some tough decisions to align our operations with current levels of demand for semiconductor equipment,'' said James C. Morgan, chairman and chief executive officer of Applied Materials. ``While the short-term business environment is uncertain, we are confident in the long-term prospects of our industry.'' Applied Materials (Nasdaq:AMAT - news), the largest supplier of products and services to the global semiconductor industry, is one of the world's leading information infrastructure providers. Applied Materials enables Information for Everyone(TM) by helping semiconductor manufacturers produce more powerful, portable and affordable chips. Applied Materials' Web site is www.appliedmaterials.com. This press release contains certain forward-looking statements, including, but not limited to, those relating to a reduction in work force and the semiconductor industry's long-term prospects. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the Company's ability to timely align its cost structure with market conditions; the length and severity of the economic and industry downturn; global uncertainties; changes in demand for semiconductors and customer capacity requirements, including capacity utilizing the latest technology; changes in the timing and amount of customers' investments in new technology; the successful and timely development of new markets, products, processes and services; and other risks described in Applied Materials' filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this press release.