Applied Materials To Cut Workforce

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In its fiscal fourth-quarter 2009 report, Applied Materials Inc. announced several restructuring steps. The company plans to embed its sales force into its business groups to increase visibility into customer and market opportunities, as well as consolidate its manufacturing and supply chain closer to more of its customers and suppliers.

Under a cost-reduction plan, the company expects to achieve total annualized cost savings of approximately $450 million when completed. Applied Materials says it will reduce its global workforce by approximately 1,300 to 1,500 positions, or 10% to 12% over a period of 18 months.

The company anticipates the pre-tax cost of the plan to be between $100 million and $125 million, most of which is expected to be recognized in the first quarter of fiscal 2010.

SOURCE: Applied Materials

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