Axcelis (ACLS) Announces Workforce Reduction of Approximately 20%
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Axcelis Technologies, Inc., (Nasdaq: ACLS) announced a global workforce reduction of approximately 235, or 20% of its employees, since year end 2008.
Axcelis Technologies had previously implemented a series of cost saving activities including furloughs, plant shutdowns and layoffs. Given the severity of this downturn, these additional actions were required to better align operating costs with near term revenue expectations. The reductions are estimated to yield savings of $25 million annually. As a result, Axcelis anticipates recording restructuring charges in the range of $5 million to $6 million during the second quarter of 2009.
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