Applied Materials to cut 1,000 jobs, this happened today.

[caligirl]

SAN FRANCISCO (MarketWatch) -- Applied Materials Inc. will cut about 1,000 jobs from its global workforce in a bid to reduce costs, the company said Tuesday.
Applied Materials (AMAT:

2:34pm 01/15/08
AMAT 16.94, +0.10, +0.6%) , which manufactures chip-making equipment, said the move will result in a 7% reduction of its workforce and save about $150 million a year.
In a written statement, Applied CEO Mike Splinter said the company had reorganized its semiconductor-equipment business into a single Silicon Systems group.
"We have achieved synergies across this organization as a result," he said.
The company said it expects to post charges of about $20 million in connection with the job cuts.


***Spokesman for the Santa Clara, Calif. company, David Miller, said roughly 75% of the cuts will take place in the United States. ***


http://www.marketwatch.com/news/story/applied-materials-eliminate-1000-jobs/story.aspx?guid=%7B5530E68D%2D362B%2D4AC8%2DA8A9%2D3ADF35CAE66A%7D&dist=TQP_Mod_mktwN