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Applied to cut 7% of global workforce

Posted: 18 Jan 2008 ?? ?Print Version ?Bookmark and Share

Keywords:cost reduction plan? workforce? semiconductor equipment?

Applied Materials Inc. will reduce its global workforce by approximately 1,000 positions or about 7 percent, through a combination of job elimination and attrition, as part of its global cost reduction plan.

The plan primarily affects its semiconductor equipment and services businesses and related support organizations. The company expects to record charges of approximately $20 million related to the plan, with the majority of the charges being recorded in Q1 of fiscal 2008, and to be completed by Q4. The plan is expected to result in annualized savings of about $150 million from fiscal 2007 spending levels.

"To better serve our customers, last summer we reorganized our semiconductor equipment business into a single Silicon Systems Group, and we have achieved synergies across this organization as a result," said Mike Splinter, president and CEO. "We are focused on improving operational efficiencies and the cost structure of our businesses, as well as enhancing our ability to pursue growth opportunities."

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