Varian Semiconductor Cuts 240 Jobs

GLOUCESTER, Mass., Oct. 2 -- Varian Semiconductor Equipment Associates Inc. announced Friday it will reduce its workforce by 15 percent, to 1,370. A total of 240 jobs will be eliminated, according to an Associated Press (AP) article.

The company said the cuts are part of its restructuring and attempts to reduce costs in anticipation of continued soft demand for semiconductor devices and semiconductor capital equipment.

Varian did not specify the locations of the cuts, the AP said. The majority of the company's employees work at facilities in Gloucester, where Varian is based, and in Newburyport.

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