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MKS Instruments lowers headcount further as sales slump worsens
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MKS Instruments has made a further downward revision to its first quarter earnings and announced a further round of job losses, first announced in December, 2008, which equated to a workforce reduction of approximately 10% or 292 positions. The combined December and March reductions total 23% of its global workforce or approximately 600 jobs.
"As we previously announced, we implemented a reduction in work force early in the quarter,” commented Leo Berlinghieri, Chief Executive Officer and President of MKS Instruments. “However, due to the uncertain effect of the global financial crisis and its impact on demand from our semiconductor equipment OEM customers and the other markets we serve, it was necessary to take further actions to reduce our costs and our headcount during the quarter. We implemented a restructuring and an additional reduction in workforce at the end of the quarter, resulting in a combined reduction during the quarter of approximately 600 people, representing approximately 23% of our worldwide headcount.”
The Company now expects that revenues will range from US$74 million to US$76 million.