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

To: Jeffrey D who wrote (4541)	12/20/2002 10:57:08 AM
From: Proud_Infidel	Respond to of 25522

On Semi sees better fourth quarter, cuts 300 jobs By Peter Clarke Semiconductor Business News (12/20/02 10:35 a.m. EST) PHOENIX, Arizona -- Discrete semiconductor maker On Semiconductor Corp. said that while it expects fourth quarter sales to exceed or be at the top end of previous guidance it plans to cut 300 positions or about 4% of the workforce over the next year. The moves are being made with a view to returning the company to profit in the fourth quarter of 2003, the company said. The company's previous guidance for the fourth quarter of 2002 was a 3% to 5% decline in revenues but the company said it now expects revenues and gross margins to exceed consensus estimates and be at the high end of the guidance. The company said the job cuts would be a mix of attrition, voluntary redundancies and enforced lay-offs and would be accompanied by the transfer of certain functions to central Europe and Asia in support of the company's continued growth in the Chinese market. The company expects to record restructuring and other charges in the range of $18 million to $22 million in the fourth quarter of 2002, including severance costs of approximately $12 million associated with the cutting of 300 jobs. “These actions are part of our plan to return to profitability in the fourth quarter of 2003,” said Keith Jackson, ON Semiconductor president and chief executive officer, in a statement. “We continue to focus our corporate resources on serving our customers with cost-competitive product solutions. In addition, our resources remain focused on market share gains, particularly in the fastest growing regions.”