Cypress Restructures: San Jose Wafer Facility to be R&D Only.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 14, 1996--Cypress Semiconductor Corp. (NYSE NYSE See: New York Stock Exchange : CY) today announced a restructuring of its San Jose wafer fabrication Wafer Fabrication is a procedure composed of many repeated sequential processes to produce complete electrical or photonic circuits. Examples include production of radio frequency (RF) amplifiers, LEDs, optical computer components, and CPUs for computers. facility, including a workforce reduction and the transfer of some equipment to its Texas and Minnesota production wafer fabrication plants. Cypress stated that it was eliminating 60 full-time positions in its San Jose facility (Fab 1), the company's first manufacturing plant, which began operations in 1984. The restructuring, which is scheduled for completion by January 1997, would reduce the production capability of the fab to a prototype level supporting the company's R&D effort. The fab will now report to Tony Alvarez This article is about the Major League Baseball center fielder. For the Australian actor, see Tony Alvarez (actor). Antonio Enrique Álvarez [AL-vah-rez] (born May 10, 1979 in Caracas, Venezuela), is a Major League Baseball center fielder and right-handed , Cypress's vice president of research and development. As a result of the restructuring, the company will take a pre-tax charge of $9.1 million, equivalent to approximately $0.07 per share, in the 1996 third quarter. Cypress President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. T.J. Rodgers stated: "The restructuring will allow us to focus our San Jose facility on R&D and to significantly improve our process technology and new product development cycle time. Accordingly, all Fab 1 production activity will be transferred to our higher-volume, more efficient plants in Texas and Minnesota, reducing wafer costs and manufacturing cycle time. The financial impact of the restructuring will reduce our earnings to slightly better than break-even for the quarter ended Sept. 30." "Cypress is restructuring wafer manufacturing to achieve greater efficiency, using the window of opportunity provided by the current downturn in demand," said Lothar Maier, vice president of worldwide wafer manufacturing. The employees who are laid off will be offered a bonus to support a production ramp down through the end of the year, along with a range of benefits, including the continuation of medical coverage. Cypress employs approximately 2,000 people worldwide. The company will announce its earnings for the third quarter before the market opens on Oct. 18, 1996. Cypress Semiconductor Corp. is an international supplier of high-performance integrated circuits with worldwide headquarters in San Jose, Calif. The company provides a broad range of products for leading computer, networking, and telecommunications companies worldwide. The company's product line includes static RAM, EPROM EPROM in full erasable programmable read-only memory Form of computer memory that does not lose its content when the power supply is cut off and that can be erased and reused. and specialty memories, programmable logic devices (PLDs), field-programmable gate arrays (FPGAs), data communications products, and personal computer chipsets and timing devices. Cypress shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CY. The company maintains a site on the worldwide web at http://www.cypress.com. CONTACT: Cypress Semiconductor Corp. Manny Manny may refer to: In nobility:
Joseph L. McCarthy, 408/943-2902 (Communications) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion