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Asyst axes 15% of jobs
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Asyst Technologies is undertaking further restructuring to lower its break-even point as the company continues to make losses. The company is to reduce its global workforce by approximately 15%, or approximately 150 positions.
“As part of our global cost reduction effort, we have reduced temporary and contract labor, purchased services, project materials, travel, and a range of other controllable expenses,” commented Steve Schwartz, CEO of Asyst. “In addition, we have reduced executive pay and implemented mandatory time off to reduce spending while keeping key personnel in place.”
Asyst said that the new cost cutting measures would save the company between US$30-$35 million per annum. Combined with cost saving announced last year, the company expects saving of between US$55-US$65 million per annum.