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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: advocatedevil who wrote (58002)	12/21/2001 3:34:39 AM
From: advocatedevil	Respond to of 70976

"Lam cuts 12% of workforce in third major layoff of 2001" Semiconductor Business News (12/20/01 11:50 a.m. EST) FREMONT, Calif. -- In its third major layoff over the last year, Lam Research Corp. today announced that it plans to reduce its global workforce by 12%, or approximately 400 employees. Lam--which has been hit hard by the current semiconductor downturn--will record a restructuring charge for the quarter ending December of 2001. "We made this difficult decision to address the current market environment and size our operations accordingly," said James W. Bagley, Lam's chairman and chief executive. "While our near-term expectations about the business environment have not changed, the decline in the last two quarters was greater than we anticipated and required today's actions," he said. The move represents the latest in a series of cost cutting moves at the Fremont-based supplier of chip equipment. It also follows a sharper-than-expected drop in new orders for wafer fab tools in its fiscal first quarter, ended Sept. 23. The company said revenues declined 7% sequentially in the period from the prior quarter. Revenues in the just-ended quarter were $339.6 million, compared to $365.5 million in the previous period. Lam posted a net loss of $8.9 million in the fiscal first quarter (see Oct. 9 story ). In April, Lam announced it would eliminate 15% of its workforce, or about 600 jobs worldwide, in response to slowing demand forwafer fab equipment (see April 11 story ). Then, in August, it cut 10% of its workforce, or about 350 jobs (see Aug. 31 story ). siliconstrategies.com AdvocateDevil