FREMONT, Calif.--Struggling with the downturn and a huge merger, Mattson Technology Inc. here today announced it was tightening its belt another notch by increasing layoffs in the U.S. and implementing a second round of cost cuts.
In May, the supplier of wafer fab tools announced a reduction of its U.S. workforce by 15%, or 180 jobs, and cutbacks in overall expenses by 20%, but today the company increased those targets to a 20% layoff and 30% cut in costs.
By the end of this year, Mattson Technology said it would cut its worldwide workforce 25%. In addition to the layoffs, the company is cutting executive salaries and taking other measures, including three additional weeks of plant shutdowns are in the third and fourth quarters.
"In addition to the streamlining of our operations related to the merger, we are taking specific action to size the company to the essentially flat business forecast for the next several quarters," said Brad Mattson, chief executive officer of Mattson Technology.
Last week, Mattson Technology reported a 21% sequential drop in revenues to $96.9 million in the second quarter from $122.6 million in Q1. The Fremont company has a net loss of $33.1 million vs. a net loss of $49.6 million in Q1 (see Aug. 14 story).
Mattson Technology has been hit hard by both the downturn and the timing of a three-way merger that was supposed to make it the 14th largest semiconductor equipment supplier in the world. At the start of this year, the company took over Steag Electronic Systems AG of Essen, Germany, and CFM Technologies Inc. of Exton, Pa., to expand its tool offering in rapid-thermal processing, wet-wafer cleaning and other segments (see Jan. 3 story).
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