Lam Research (LRCX) to Cut 15% of Workforce; Sees Annual Cost Savings of $60M

November 20, 2008 5:00 PM EST

In a Form 8-K, Lam Research Corporation (Nasdaq: LRCX) today commenced a restructuring plan that is designed to better align the Company’s cost structure with its business opportunities in consideration of market and economic uncertainties.

The plan consists of a reduction in force of approximately 600 regular, temporary and contract employee positions, or approximately 15% of the Company's total workforce. The plan is expected to be completed during the Q109. When completed, the plan is expected to result in annualized cost savings of approximately $60 million. The Company is implementing further cost reduction activities which are not part of the plan that are targeted to result in annualized cost savings of approximately $20 million for a total annualized cost savings of approximately $80 million

Lam Research Corporation engages in the design, manufacture, marketing, and service of semiconductor processing equipment used in the fabrication of integrated circuits.

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