Close

Search

Search Menu
Photonics Media Photonics Buyers' Guide Photonics EDU Photonics Spectra BioPhotonics EuroPhotonics Industrial Photonics Photonics Showcase Photonics ProdSpec Photonics Handbook
More News
SPECIAL ANNOUNCEMENT
2016 Photonics Buyers' Guide Clearance! – Use Coupon Code FC16 to save 60%!
share
Email Facebook Twitter Google+ LinkedIn Comments

Anadigics Reduces Workforce

Photonics.com
Nov 2008
WARREN, NJ., Nov. 6, 2008 – Anadigics Inc., provider of semiconductor solutions in the wireless and wireline communications market, announced that it is implementing cost reduction measures across the company that include the elimination of about 100 jobs by the end of this week. This reduction accounts for approximately 15 percent of the company’s workforce worldwide.

"These cost reduction measures, as we mentioned on our October 22 conference call, align our cost structure with near-term demand while preserving our competitive advantage in technology and product performance," said Gilles Delfassy, chairman and interim chief executive officer, "This was a difficult decision because of the impact it has on people, but was a necessary step in our plan to return the company to growth and profitability as soon as possible. We are continuing critical investments in new products and other strategic initiatives that focus on making our customers successful."

"With the reduction in workforce and other identified cost reduction actions in process, the company's goal is to achieve a savings of between $15 million and $20 million on an annual basis starting late in the fourth quarter," said Tom Shields, executive vice president and chief financial officer. "We believe these actions are prudent in light of the change in quarterly revenue, while preserving our capabilities to meet future customer demand and maintain a strong balance sheet."

The reduction in workforce is expected to result in pre-tax charges related to severance costs and one-time benefits of approximately $2.2 million to $2.4 million in the fourth quarter of this year, substantially all of which will result in cash expenditures.

For more information, visit: www.anadigics.com 




GLOSSARY
photonics
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
Comments
Terms & Conditions Privacy Policy About Us Contact Us
back to top

Facebook Twitter Instagram LinkedIn YouTube RSS
©2016 Photonics Media
x We deliver – right to your inbox. Subscribe FREE to our newsletters.