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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (10728)	7/27/2003 11:03:04 PM
From: Return to Sender	Respond to of 95479

IBM cuts employee hours at Vermont IC plants Semiconductor Business News 07/27/2003, 1:00 PM ET siliconstrategies.com EAST FISHKILL, N.Y. -- Citing the IC downturn, IBM Corp.'s Microelectronics Division plans to reduce the hours for 2,400 employees working at its Essex Junction, Vt.-based semiconductor plants starting next month, according to a report from the Associated Press. Employees at IBM's Essex Junction plant now alternate 36- and 48-hour work-weeks--or an 84-hour over two weeks. Next month, employees will start working 36-hour shifts every two weeks, according to the AP. Earlier this month, a shortfall in sales within IBM Corp.'s loss-ridden semiconductor group prompted one research firm to scale back its forecast for the computer giant in 2003 and 2004. Despite a recent slew of foundry customer announcements, IBM's chip unit has been hurt by a "slow improvement in yields," with "demand not yet improving," according to SG Cowen Securities Corp. ( see July 17 story ). Last year, IBM cut 988 workers at its Essex Junction plant amid a renewed push into the foundry business ( see June 4, 2002 story ).