Applied Materials to Cut Up to 9% of Staff Amid Slump
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Applied Materials Inc., the largest producer of chipmaking equipment, plans to eliminate as much as 9 percent of its workforce as lackluster personal-computer demand leads customers to slow orders for manufacturing tools.
The company will cut 900 to 1,300 jobs, resulting in pretax costs of $180 million to $230 million, through a voluntary retirement program and other actions. The restructuring will save $140 million to $190 million a year, Applied Materials said in a statement yesterday.