Everybody's feeling the heat of the recession lately, and AMD has had to cut back, as they announced today:
SUNNYVALE, CA - SEPTEMBER 25, 2001 - AMD today announced it is accelerating key components of its strategy to reduce costs and enhance the financial performance of its core businesses. The company will close Fabs 14 and 15, two semiconductor wafer fabrication facilities (fabs) in Austin, Texas that primarily serve AMD's foundry operations. AMD will also reduce and restructure other manufacturing activities as well as administrative support associated with these facilities.2,300 people is not a small layoff. It ain't airline industry big, but it's nothing to sneeze at. No doubt the recent loss of OEM business from customers like Micron, IBM, and Gateway hurt AMD's prospects for the coming months, as well.
These changes will result in the reduction of approximately 2,300 positions, or approximately 15 percent of its worldwide workforce, by the end of the second quarter of 2002. Approximately 1,000 of these positions are associated with closing the fabs in Austin. The balance of the reductions will result from realigning and restructuring back-end activities in Penang, Malaysia. The company will provide severance packages and outplacement services to affected employees.
I know the business cycle is a fact of life, but I'm ready for this part of this particular cycle to be over.
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