News Article
FormFactor cut workforce
FormFactor has announced a cost reduction plan in reaction to global financial events.
FormFactor has announced a global reorganization and cost reduction plan. As part of the plan the company will reduce its workforce by 22%. FormFactor expects to incur approximately $8 million in charges related to the plan, which will be recorded in the first quarter of fiscal 2009.
"These are extraordinary times for the semiconductor market and our customers," said Mario Ruscev, FormFactor CEO. "We have seen a rapid slowdown in our customers' investment plans, which has driven significant volatility in our forecasts. Therefore, we are moving aggressively to lower our cash breakeven level, which will enable the company to sustain itself financially through these difficult times."
"These are extraordinary times for the semiconductor market and our customers," said Mario Ruscev, FormFactor CEO. "We have seen a rapid slowdown in our customers' investment plans, which has driven significant volatility in our forecasts. Therefore, we are moving aggressively to lower our cash breakeven level, which will enable the company to sustain itself financially through these difficult times."
