Credence cuts 14% of work force

May 19, 2003 – Fremont, CA – Credence Systems Corp., a provider of solutions from design-to-production test for the worldwide semiconductor industry, has announced additional headcount reductions and the adoption of other cost-cutting measures as part of a continuing effort to reduce expenses. The reduction of force includes the elimination of approximately 173 positions or 14% of the company’s global employee base. Approximately 160 positions in the United States will be affected, with the remaining reductions in other locations worldwide.

“Although the company’s sales during the recent quarter have been consistent with our expectations, we are continuing to pursue opportunities to drive our cost structure downward,” said Graham Siddall, chairman and CEO of Credence Systems.


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