DOW JONES NEWSWIRES KLA-Tencor Corp. (KLAC) will cut its work force by about 15% by the end of June as part of the chip-equipment maker's effort to lower operating expenses amid reduced demand.
"We will continue to monitor the demand environment and make the necessary adjustments to weather this downturn," Chief Executive Rick Wallace said.
As a result of the job cuts, KLA-Tencor expects to book an initial charge of about $15 million to $20 million tied to severance expenses and warned additional charges were likely through fiscal 2009, which ends June 30.
Late last month, KLA-Tencor said its fiscal first-quarter net income sank 78% on lower sales. The company also announced cost-cutting moves because of sharp declines in orders and the uncertain outlook, as part of an effort to lower its quarterly operating expense run rate to about $165 million to $170 million.
KLA-Tencor supplies inspection and measurement systems to the semiconductor industry, which has seen sales growth slow because of the global financial crisis and sinking prices for memory.
The company's shares rose 1.7% to $17.09 in after-hours trading.
-By Lauren Pollock, Dow Jones Newswires; 201-938-5964; lauren.pollock@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ca%2BNpgo7zosg6xjniF472A%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 18, 2008 17:24 ET (22:24 GMT)

Publié le 18 novembre 2008 Copyright © 2008 Dowjones