Nov. 14, 2002 – Sunnyvale, CA – AMD will reduce its global work force by approximately 2,000 positions, or approximately 15%, by the end of 2Q03.
The announcement is part of the company’s ongoing strategy to reduce its breakeven point and reduce expenses by $350 million in 2003.
Approximately 1,000 affected employees were notified on Nov. 14. As previously announced, the company will take a restructuring charge in 4Q02 of several hundred million dollars.
Today’s reduction in work force was implemented across AMD operations in the United States, Europe, and Asia.
“Our success is predicated upon a sound financial base,” said AMD President and CEO Hector Ruiz. “As part of our ongoing strategy, we are taking decisive measures to reduce operating and capital expenditures. One of those measures is a reduction in work force. While painful and unfortunate, today’s action will help to position AMD so that we can take full advantage of the eventual market recovery.”