Applied Materials, Inc. (AMAT) Announces Cost Reduction Plan
Applied Materials (AMAT) announced a global cost reduction plan that primarily affects its semiconductor equipment and services businesses and related support organizations. As part of the plan, the company will reduce its global workforce by approximately 1,000 positions, or about 7%, through a combination of job elimination and attrition. Applied Materials expects to record charges of approximately $20M related to the plan, with the majority of the charges being recorded in the first quarter of fiscal 2008, and to complete the plan by the fourth quarter of fiscal 2008. The plan is expected to result in annualized savings of about…