Axcelis To Cut 14 Of Workforce - ContractsAdministrator.com

Axcelis To Cut 14% Of Workforce

written by Dylan McGrath, courtesy of EE Times
SAN FRANCISO—Semiconductor fab tool maker Axcelis Technologies Inc. said Wednesday (Oct. 22) it would reduce its global workforce by 14 percent, or about 200 positions, as part of a two-pronged restructuring plan to reduce operating costs and improve liquidity.

Axcelis (Beverly, Mass.) said the layoffs along with other initiatives would result in savings of $40 million annually.

The second component of Axcelis' restructuring plan includes the refinancing of long term debt, the company said.

"This restructuring, while difficult, was driven by the continued slowdown in the semiconductor market," said Mary Puma, Axcelis chairman and CEO, in a statement.

Axcelis, which markets ion implantation and cleaning systems used in semiconductor production, said it expects to record restructuring charges of $3 million to $4 million during the fourth quarter of 2008.



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