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MILPITAS, Calif.—Nov. 18, 2008
KLA-Tencor Corporation (NASDAQ: KLAC) announced today that, in response to current market conditions, the company plans to reduce its global workforce by approximately 15 percent by June 30, 2009. This reduction is one of many cost-reduction actions the company is taking in an effort to lower the company’s quarterly operating expense run rate to approximately $165-170 million by the end of fiscal year 2009 in response to the current demand environment.
“Our employees are the heart of our organization, so it is with considerable reluctance that we are proceeding with this necessary reduction,” said Rick Wallace, chief executive officer of KLA-Tencor. “We will continue to monitor the demand environment and make the necessary adjustments to weather this downturn, help optimize our profitability, maintain our strategic focus and strengthen our competitive position.”
KLA-Tencor currently estimates that, in connection with the workforce reduction, it will incur an initial charge in the range of approximately $15 million to $20 million, almost all of which is related to estimated severance costs associated with the workforce reduction. Substantially all of that charge will result in future cash expenditures, which KLA-Tencor believes will be paid out in fiscal year 2009. KLA-Tencor anticipates incurring additional restructuring charges, severance costs and other related expenses in connection with the workforce reduction at least through the remainder of fiscal year 2009 but is unable to estimate the aggregate amount of such additional charges at this time.
“Our employees are the heart of our organization, so it is with considerable reluctance that we are proceeding with this necessary reduction,” said Rick Wallace, chief executive officer of KLA-Tencor. “We will continue to monitor the demand environment and make the necessary adjustments to weather this downturn, help optimize our profitability, maintain our strategic focus and strengthen our competitive position.”
KLA-Tencor currently estimates that, in connection with the workforce reduction, it will incur an initial charge in the range of approximately $15 million to $20 million, almost all of which is related to estimated severance costs associated with the workforce reduction. Substantially all of that charge will result in future cash expenditures, which KLA-Tencor believes will be paid out in fiscal year 2009. KLA-Tencor anticipates incurring additional restructuring charges, severance costs and other related expenses in connection with the workforce reduction at least through the remainder of fiscal year 2009 but is unable to estimate the aggregate amount of such additional charges at this time.
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