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LTX-Credence streamlines operations

Posted: 17 Sep 2008 ?? ?Print Version ?Bookmark and Share

Keywords:automated test equipment? ATE company? job cut?

LTX-Credence Corp. plans to layoff an undisclosed number of employees and close redundant facilities as part of its integration plan following the August merger of the former ATE rivals, according to a regulatory filing.

The 8-K filed with the U.S. Securities and Exchange Commission (SEC) Sept. 12, stated that the company completed notifying most affected employees on Sept. 9.

As a result of the job cuts, LTX-Credence plans to incur approximately $17.3 million in charges. The company said it is finalizing plans to close unnamed redundant facilities but cannot yet estimate the total charges it will take for these actions.

The Oregonian reported Monday that the cuts will affect 60 workers in the Portland, Oregon area, where Credence long maintained a manufacturing facility in Hillsboro.

LTX-Credence could not immediately be reached for comment.

- Dylan McGrath
EE Times

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