Sept. 5, 2002 – San Jose, CA – Ultratech Stepper Inc., a supplier of photolithography systems, has implemented a cost-reduction plan in response to the continuing weakness in the semiconductor industry. The company plans to reduce its global work force by about 50 positions, or approximately 15%.
Ultratech has previously instituted a number of cost-savings programs in response to the weakness in the semiconductor and semiconductor equipment industries, including salary reductions, mandatory shut down days, and restricted hiring, in order to maintain its financial health. However, with the prolonged continuation of the industrywide downturn, Ultratech has decided to implement these additional cost reduction measures in order to bring the company’s operations in line with current levels of demand.
“As our customers continue to be cautious in their capital spending, we do not expect business to recover until late 2003,” said Arthur Zafiropoulo, Ultratech’s chairman and CEO. “However, we plan to continue to focus on development programs designed to enhance our position in bump, interconnect, and laser thermal processing technology, and enable us to provide the lowest cost of ownership among stepper companies. We believe that the long-term outlook for the company is positive, and are constantly working to achieve our goal of increased shareholder value. We believe these actions, together with our strong balance sheet, will allow Ultratech to operate more efficiently to achieve our business plan.”