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Entegris restructures U.S. manufacturing operations
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Entegris said as part of its third quarter financial results that it would be restructuring its two Chaska, Minnesota manufacturing facilities with the closure of the larger facility and the loss of 200 jobs or approximately 7 percent of the Company’s worldwide headcount.
“We are using the slowdown in the economy and our industry to optimize our manufacturing operations and to streamline the Company,” noted Gideon Argov, President and Chief Executive Officer, Entegris. “These measures will lower our break-even point further so that we can remain profitable on an operating basis during this turbulent period, and will position us for maximum operating leverage and improved profitability when our markets recover.”
Entegris expects to incur charges of approximately $15 million related to the facility closure over the next four quarters, which are due to save the company approximately $6 to $8 million per annum beginning in 2010, the company said.