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Intevac calls for a 15% worldwide workforce reduction
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In
order to reduce its revenue breakeven level, as well as manage cash and
working capital and decrease expense by $10 to $12 million on an annual
basis, Intevac, Inc. announced its plans to reduce the company’s
worldwide workforce by 15%. The reduction is expected to be completed
in the fourth quarter, which ends on 31 December 2008.
“Our reduction in workforce today is very difficult, but necessary, considering the global business environment,” said Kevin Fairbairn, President and Chief Executive Officer of Intevac. “The implementation of our global cost reduction plan will not adversely impact the continued investment in our business growth opportunities, as we expect to bring several new products to the market in 2009.”
Intevac expects to incur a restructuring charge, mainly due to employee severance, in its fourth quarter, but states that that the charge has not been anticipated to materially change their previously provided guidance for its fourth quarter.