Semiconductor manufacturing equipment vendor Axcelis Technologies Inc. said Wednesday it has cut about 235 jobs, or 20 percent of its global workforce, since the end of 2008.
Previous cost saving actions announced by Axcelis (Beverly, Mass.) included furloughs, plant shutdowns and layoffs. Last October the company cut about 200 positions, or roughly 14 percent of its workforce at the time.

But given the severity of the downturn the company decided the additional layoffs were needed "to better align operating costs with near term revenue expectations," the company said.

The reductions are estimated to save the company about $25 million per year, said Axcelis, which provides ion implementation and cleaning equipment. The company expects to record restructuring charges in the range of $5 million to $6 million during the second quarter of 2009.

"This is a difficult but necessary decision due to the continued weakness in the semiconductor industry," said Mary Puma, Axcelis chairman and CEO, in a statement.

Earlier this month Axcelis said Puma had agreed to take a 20 percent salary cut amid ongoing losses for the fab tool firm.

The company reported first quarter revenue of $25.7 million, down from $42 million for the fourth quarter of 2008. Net loss for the first quarter was $29.2 million, or 28 cents per share, compared to a net loss for the fourth quarter of 2008 of $141.4 million, or $1.37 per share.

By: DocMemory
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