MEMSCAP lays off 70 in cost-cutting move

Feb. 19, 2003 — MEMSCAP SA will cut about 70 jobs as part of a plan to reduce costs and become profitable, according to a news release.

The French MEMS maker, which has offices in San Jose, Calif., said 40 of the jobs are in France and the remaining positions are in Silicon Valley — bringing its total number of employees to about 190 people. The layoffs come as a result of paring its business units from five to three: Components, Modules and Systems; Design and Manufacturing Services; and Sensor Solutions.

The company seeks to reduce its costs by $7.5 million this year, the release said.

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