KLA-Tencor to Cut 900 Jobs
MILPITAS, Calif., Nov. 19, 2008 -- In response to current market conditions, KLA-Tencor Corp. announced Tuesday that it plans to reduce its global workforce by approximately 15 percent by June 30, 2009.
KLA-Tencor supplies metrology and inspection tools to integrated circuit manufacturers. According to its Web site, the company has about 6000 employees; the cutbacks will mean the elimination of 900 positions. The move is one of many cost-cutting actions the company is making to lower its quarterly operating expenses to between $165 million and $170 million by the end of fiscal year 2009. The company told the media last summer that it plans to close its plant in Tucson, Ariz., and consolidate operations at its Milpitas headquarters and in Singapore.
“Our employees are the heart of our organization, so it is with considerable reluctance that we are proceeding with this necessary reduction,” said Rick Wallace, CEO of KLA-Tencor. “We will continue to monitor the demand environment and make the necessary adjustments to weather this downturn, help optimize our profitability, maintain our strategic focus and strengthen our competitive position.”
KLA-Tencor said severance and other charges related to the restructuring will cost it $15 million to $20 million in FY 2009.
For more information, visit: www.kla-tencor.com