Dec. 12, 2001 – Minneapolis, MN – FSI International Inc. has implemented additional cost reductions including a 7% reduction in the overall work force, salary cuts for all employees, a 50% decrease in capital expenditures, and a reduction in other discretionary costs.
The company’s headcount will be approximately 640 after the reduction.
“We believe that these cost reduction and cash preservation activities are prudent, given current industry conditions. The majority of the affected employees worked in functions that are impacted by lower unit volume, such as manufacturing, shipping, and installation activities,” stated Don Mitchell, FSI’s president and CEO. “Our goals in taking these actions were to preserve jobs and benefits for as many employees as possible, while lowering our breakeven point and preserving cash to fund the next cyclical upturn. In addition, we are focused on maintaining our investment in strategic development programs in our microlithography and surface conditioning businesses.”