May 4, 2001 – San Diego, CA – Cymer Inc. is set to reduce its worldwide work force by approximately 9% as part of its previously announced cost-reduction program. The work force reduction will trim the company’s headcount from approximately 925 employees to 845 employees worldwide. Of the 79 employees affected by the reduction, 71 live in the greater San Diego area, and are comprised of temporary, contract, and regular full-time employees, the company reported. The majority are involved in operations and manufacturing.
“Though staff reductions are extremely difficult for all involved, today’s semiconductor capital equipment slowdown and our obligations to our shareholders to take the steps needed to control costs require us to make these tough decisions,” said Pascal Didier, Cymer’s president and CEO. “We implemented other cost saving measures, such as reducing capital expenditures and discretionary spending and requiring employees to take mandatory time off during the next two quarters. However, the continued deterioration within the semiconductor industry and lack of visibility beyond one quarter necessitated more aggressive action. We are doing our best to minimize the impact on those affected by the layoff by offering outplacement services along with competitive severance packages.”
Didier continued, “Despite the difficulties presented by the current environment, we continue positioning Cymer to take full advantage of the next industry growth cycle when it finally comes. To enhance our competitive position during this downturn, we will maintain our significant investment in R&D, and continue to strive to bring new, higher value-added products spanning multiple wavelengths to market on an accelerated timetable.”