Credence shuttering NPTest sites

November 4, 2004 – Credence Systems Corp., Milpitas, CA, has announced further restructuring of its operations after its purchase of NPTest, which it agreed to buy in February for $660 million in stock and cash.

Credence will close NPTest’s test facilities in Simi Valley and San Jose, CA, and transfer manufacturing from those sites as well as Milpitas facilities to its operations in Hillsboro, OR, resulting in an 8% elimination of workforce (about 160 employees).

The company will take total charges of $23.7 million charge related to the consolidations, spread out from fiscal 2005-2009, and will invest $3.0 million in its Milpitas and Hillsboro facilities to accommodate the increase in business and employees.


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