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

To: 16yearcycle who wrote (23289)	8/25/1998 9:02:00 PM
From: 16yearcycle	Read Replies (3) \| Respond to of 70976

Here is the press release from 1996: Again, the following is from 1996...... To: +Brent D. Beal (1679 ) From: +Tom Toxby Tuesday, Aug 13 1996 5:02PM ET Reply # of 23290 Here is AMAT's press release: Applied Materials Inc said it will cut its global employee base by about seven percent, or 830 jobs, and discontinue about 879 temporary and contract jobs, resulting in a fourth quarter charge. It said it will incur an estimated $28-32 million pre-tax restructuring charge, or about $0.10-$0.11 per share after-taxes, in its fourth fiscal quarter ending October 27, to cover employee severance costs and benefits, and other costs relating to consolidation of facilities. It also said that corporate-level executives and the board of directors will take a 10 percent pay cut. Affected employees will be notified beginning today. Of the 830 job cuts, about 390 employees will be affected at its Santa Clara operations and about 340 will be affected at its Austin operations. The remainder of the jobs will be eliminated at other locations worldwide, it said. "Since March, we have implemented a significant number of cost-reduction programs in response to the changing environment. Unfortunately, all indicators now point to a downturn in our business, which is likely to continue for some time. As a result, our current employment level is beyond what we can sustain during this period," Dan Maydan, president of Applied Materials. -------------------- The 1996 low was the week of 9/2-9/6.