December 20, 2001 — Lam Research, a supplier of wafer fab equipment and services, said it is cutting about 400 jobs, or 12 percent of its workforce.
The company did not say where the cuts would come from.
“We made this difficult decision to address the current market environment and size of our operations accordingly,” said James W. Bagley, chairman and CEO of Lam. “While our near-term expectations about the business environment have not changed, the decline in the last two quarters was greater than we anticipated and required today’s actions.”
Bagley said that despite the cuts, the company will continue its research and development efforts.
In related news, Lam has settled all outstanding patent litigation with Varian Semiconductor Associates. Under the agreement, Lam will pay Varian $20 million and issue a warrant for the purchase of 2 million shares of Lam common stock at a price of $21.30 per share.