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MKS Instruments reduces workforce by 10%
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MKS Instruments has guided fourth quarter revenues lower as demand for semiconductor capital equipment continues to decline. The critical components company expects to lower operating levels via cost saving measures that include a workforce reduction of 10% or approximately 292 positions. The reductions took place in both the third and fourth quarters of 2008, the company said.
"During the third and fourth quarter, we implemented a 10% global workforce reduction and reduced our operating expenses, including reductions in discretionary spending, salary reductions for executive officers, and reduced fees for Board members,” commented Leo Berlinghieri, Chief Executive Officer and President of MKS Instruments.
MKS expects sales of $118 to $122 million, compared to previous guidance of $130 to $140 million. The company plans to reduce its operating cash breakeven to approximately $108 in the coming two quarters.