August 16, 2001 – Chandler, AZ – SpeedFam-IPEC Inc. is cutting costs by decreasing discretionary spending and by reducing its work force by 18%, or approximately 160 employees.
“The severity of the current semiconductor downturn makes it one of the worst our industry has experienced,” said Richard Faubert, president and CEO of SpeedFam-IPEC. “As a result, we are redoubling our commitment to aggressive cost controls. These actions are warranted by current economic conditions, despite recent successes with our Momentum CMP system.”
“Although this is an extremely difficult operating environment, we remain encouraged by the favorable response to the Momentum system,” continued Faubert. “We currently have tools installed or pending installation at five semiconductor device manufacturers, including locations in Taiwan, Korea, Europe, and the US.”
These tools will be used for 0.13-micron, low-k dielectric, copper, shallow trench isolation, oxide, and tungsten applications. During this downturn, said Faubert, SpeedFam-Ipec is focused on solidifying customer relationships and building a stronger company to prepare for success when the industry recovers.