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Photronics to close UK photomask shop
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Photronics has said it will close its Manchester, UK photomask manufacturing facility in an effort to reduce operating costs as the company is not profitable. The Company plans to maintain a customer support and data preparation center in Manchester, while customers mask requirements are transferred to other facilities, including its most advanced mask shop in Boise, Idaho. Photronics estimates that approximately 85 employees will be affected by the planned closure.
"The European semiconductor landscape continues to change as segments of our customer base become more reliant on Asian foundries for IC manufacturing,” noted Constantine Macricostas, Chairman and Interim Chief Executive Officer. “Photronics is fully committed to continuing to provide high-quality photomasks and services to our European customers through our manufacturing locations within Europe, the U.S. and Asia. Our plan to streamline the Company’s European manufacturing network is a significant step in our strategy to return Photronics to profitability.”
Photronics expects to record a total after tax charge in the range of $3.0 million to $5.0 million through fiscal 2009.