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Axcelis cuts one-fifth of global workforce

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Further to its approximately 14% cut in staff numbers in October 2008 – only seven months ago, Axcelis Technologies, Inc. has again announced that it is letting staff go in a further attempt at cutting operating costs to stay competitive. Approximately 235 staff, or 20% of its global workforce will be axed from the company’s books, yielding an estimated $25 million in savings per annum.

Restructuring charges will reach between $5 and $6 million in the second quarter of 2009.

"This is a difficult, but necessary decision due to the continued weakness in the semiconductor industry,” explained Mary Puma, Chairman and CEO. “We are actively working on rigorous cost containment to reduce our operating expenses and cash outlay, while continuing to make strategic investments in our Optima implant and Integra RS cleaning product lines. These actions will ensure that we will be able to respond to customer demand when the market rebounds." 

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Why is this still news?
By Joe on 27 August 2010

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