Friday, ASM International NV (ASMI), a manufacturer of semiconductor devices, said that as a part of the restructuring planned for ASM Europe, the company would transfer manufacturing and operational activities in Almere, The Netherlands to Singapore, resulting in about 200 job cuts.
ASM said it intends to shift the activities to its Front-end Manufacturing Operations in Singapore, or FEMS, over the next 12 months. The company also said that it has completed phase 1 migration of the three planned stages in December 2008.
With the reorganization, the company expects to record charges of approximately EUR 25 million - EUR 30 million in its accounts, mainly in 2009. This includes an estimated EUR 6 million in non-cash fixed asset impairment charges.
Meanwhile, due to lower vertical furnace costs, ASM expects to initially benefit approximately EUR 7 million during the year.
Commenting on the announcement, Chuck del Prado, Chief Executive Officer of ASM International, said that the lowered capacity utilization at FEMS facility and the deteriorating global economic and industry conditions, allows the company to execute several steps in the restructuring.
The Stock closed Thursday, at $9.46 on the Nasdaq.
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