SAN JOSE, Calif. -- Amid the downturn, Japan's Tokyo Electron Ltd. (TEL) is shutting down its field support offices in Virginia and Texas, according to sources.
TEL (Tokyo) is also implementing a ''voluntary separation'' program in the United States, sources said.
The company confirmed the moves. ''TEL is closing the company's field support offices in Richmond and in Dallas due to changes in the customer landscape in those cities. The company did offer a voluntary separation package including severance pay and continuing benefits,'' according to a spokeswoman for TEL.
It did not elaborate, however. Like most fab tool suppliers, TEL has been hit hard by the downturn. For its fiscal year, the company recently lowered its sales forecast by 5.6 percent and net profit by 90 percent.
Earlier this month, TEL appointed Hiroshi Takenaka as the company's new president, effective April 1. Takenaka, currently a corporate director and senior vice president, joined TEL in 1984 and has held various management roles during his 25 years with the company.
Current TEL president, Ken Sato, will continue with leadership roles as corporate director and vice chairman of the board, focusing on the FPD/PV (Flat Panel Display/Photovoltaic Cell) Production Equipment.
''Faced with a serious global recession, it has become critical for the semiconductor, liquid crystal display, and IC-related industries to overcome these economic problems and lay the groundwork for medium and long-term growth in the future. The goal of the new appointment is to evolve TEL's next generation leadership for the current business challenges and to focus on new areas for growth,'' according to the company .