Entegris sheds USA jobs in light of results
At least 200 jobs will be lost at the Entegris headquarters in Chaska, Minnesota but the company stated this will not be until the first quarter of 2009. The third quarter loss was mainly made up of $395.3 million in goodwill impairment from the company's decreasing market capitalisation.
Although the job cuts were precipitated by the financial loss and a shrinking of market opportunities the company has planned to move to a 50:50 ratio of manufacturing between USA and Asian manufacturing bases. That ratio is currently 75:25 in favour of the USA despite the market ration being the opposite. No doubt the company hoped to address the ration with expansion rather than the reduction the current financial state has moved them to.
"The global economic turmoil has exacerbated the cyclical downturn in the semiconductor industry," Entegris CEO Gideon Argov commented.
