September 3, 2001 – Fremont, CA – Lam Research Corp. is reducing its work force, which will impact approximately 10% of its employees around the globe.
The company is also pursuing several initiatives to lower operating expenses. These include companywide shutdown days, voluntary pay reductions, and employee furloughs. The company will record a restructuring charge against financial results for the quarter ending September 23, 2001.
“Current industry conditions warrant a conservative approach to cost management, while the cyclical nature of our business demands flexibility as well,” stated James W. Bagley, Lam’s chairman and CEO. “Downturns are a time to introduce new products and win market share. We are actively engaged with our customers on next-generation development work for the transition to copper and other new materials.
“In addition, the move to 300mm wafer processing is underway. Our recently introduced suite of 2300 products is 200mm and 300mm capable and offers our customers key cost and technology benefits on both wafer sizes. The 2300 products are being very well received, and we expect our market share to reflect these early successes when growth in industry spending resumes,” Bagley concluded.