San Jose, CA – Electroglas Inc., a supplier of process management tools, has reduced overall headcount by 130, partially offset by an addition of 45 employees at the company’s new manufacturing facility in Singapore.
The changes are in response to current business conditions.
Curt Wozniak, Electroglas CEO and chairman of the board said, “In spite of the difficult reductions, we continue to focus on developing new technology to allow us to take advantage of the next expansion cycle in the semiconductor industry. Recent indications from industry analysts lead us to believe that the business environment has softened for the second half of the year. Projections are that 2003 will be a growth year and we want to be prepared to take advantage of that expansion.”
The company expects the cost of these restructuring changes to be approximately $700,000 for 3Q02, related primarily to severance.