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

[aquart]

1. This is economy is going GREAT. Right, George?

[caligirl]

3. The CEO is making somewhere between $8.5 mill and $9 + million a year.

[SoCalDem]

2. Gotta keep a small workforce here, or they can't call it an "American" company

:grr:

Scared skeleton crews here, and pennies-on-the-dollar workers abroad..and tax credits from our government as far as the eye can see :(

[caligirl]

4. They can always drive over to the temp agency and find their old job posted there.

Half the pay and no benefits.

[SoCalDem]

5. Commuting to Bangladesh is a bummer, though

:rofl:

[caligirl]

11. Yeah, Our former neighbors rented out their

house and moved back to India because life there is so much better. They can buy a lot and live well there now. He's in tech.

[TomClash]

6. Wall Street wants this

This is the dark side of capitalism - your job only matters if you provide significant value added, measurable in boosting earnings per share. Otherwise, you are at best surplus labor and at worst human waste product.

[caligirl]

7. These cuts may not be the end of it. There are rumors of more.

[TomClash]

13. That's not surprising

We're in a recession. Credit is drying up.

[caligirl]

14. To move a couple areas to India for $$.

[TomClash]

16. Where the quality may not be as good

Remember the Ford slogan "Quality is job 1" - well, now it's like job 10.

[fasttense]

8. Except if you're the CEO

In which case you get a huge bonus for running the business into the ground and being the cause of those other lost jobs.

[TomClash]

9. No question

Look at Mozilo, Prince and Stan O'Neal - what a joke.

[caligirl]

10. the stock price went up slightly, but its still too low. No one knows

its becoming a solar equipment company.

[mnhtnbb]

12. My son got laid off last Monday from his job at an international software company

headquartered in Cary, NC. They make messaging and security software and have some HUGE clients.
He was in the tech support department and 75% of the dept was laid off. Plan? Move tech support to India.

[Lone_Star_Dem]

15. This is what they do best.

Well, this running on skeleton crews and working temps.

That's what Big Business in the USA is all about.