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200 expected to be laid off by MEMC Korean subsidiary
15 April 2009 | By Jon Haines | Recruitment News
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MEMC Electronic Materials Inc. announced its Korean subsidiary would experience another 200 job cuts. By the end of 2Q, job cuts will take place at MEMC Korea Co., according to the U.S. Securities and Exchange Commission in a report by the St. Louis Business Journal.While the company expects to save US$30 million annually because of the job cuts, MEMC is anticipating paying US$6.5 million for a discretionary severance pay related to the job cuts. The news comes less than a month after 200 workers had been cut from MEMC’s manufacturing plants in St. Peters, Mo., and Sherman, Texas.