Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Gottfried who wrote (3822)	11/4/2002 4:10:06 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Applied Materials Announces Reduction in Work Force Monday November 4, 4:06 pm ET SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 4, 2002--Applied Materials, Inc. (Nasdaq:AMAT - News), today announced that it will reduce its global work force by approximately 1,750 positions, or approximately 11 percent, to address the continuing downturn in the semiconductor industry. The Company will record a restructuring charge in the first fiscal quarter, ending January 26, 2003. Employees will be notified beginning November 5, 2002. Approximately 800 positions at Applied Materials' Silicon Valley operations and approximately 200 positions at the Company's Austin operations will be affected. The remaining positions are expected to be eliminated at other locations in the United States and worldwide by the end of the Company's first fiscal quarter. "This was a painful but necessary decision to make in order to enable the company to align our operations with the current level of business and position for future growth," said James C. Morgan, chairman and chief executive officer of Applied Materials. "Despite our stringent cost-savings programs, the continuing uncertainty in the marketplace makes it necessary for us to take additional action to lower costs while at the same time preserving our investment in the technology and infrastructure that will enable Applied Materials to emerge from this downturn even stronger." Applied Materials, 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, the Company's investment in technology and infrastructure, and the Company's future growth and outlook. 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 maintain effective cost controls and 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.