Monday, November 17, 2008

Cymer Axes 8 Percent

San Diego-based Cymer, which develops lasers used in the manufacturing of semiconductors, said Friday that it has laid off 8 percent, or 85 employees, from the firm. The company said the move will save it around $8.4M in annual savings. The company blamed the moves on the severity of the slowdown in the economy and semiconductor industry. The firm had earlier implemented a number of cost-savings measures, including cutting contractors, reducing travel, asking employees to use their accrued vacation, a holiday shutdown, and other discretionary cuts.