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ADE Corporation Announces Workforce Reduction.

Business/Technology Editors

WESTWOOD, Mass.--(BUSINESS WIRE)--July 10, 2001

ADE Corporation (Nasdaq: ADEX) reported today that it reduced its workforce by approximately 5%, as part of a cost-cutting program that is being implemented in response to softening market conditions. All job reductions were associated with ADE's New England facilities and were preceded by actions taken to reduce non-essential spending.

ADE President and Chief Executive Officer Robert Abbe stated, "The uncertainty of the current climate in our industry dictates that we take these actions to ensure the short and long-term health of our Company while continuing to invest in the new products our customers need to keep pace with technological progress. We are also implementing additional initiatives to streamline the fundamental cost structure of our Company, improve asset management, and provide long-term value to our shareholders. During this industry-wide slowdown, ADE remains fully committed to supporting its customer base with new products that offer the very best tools and technology solutions needed to maximize semiconductor manufacturing productivity."

This news release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Those statements that make reference to the Company's expectations, predictions and anticipations should be considered forward-looking statements. These statements include, but are not limited to, trends relating to the semiconductor market, cost-cutting initiatives, product development activities, and the future growth of the Company. These statements involve risks and uncertainties including those associated with the strength of the semiconductor and hard disk markets, wafer pricing and wafer demand, the results of its product development efforts, the success of ADE's product offerings to meet customer needs within the timeframes required by customers in these markets, further increases in backlog, our visibility, and the Company's predictions of future financial outcomes. Further information on potential factors that could affect ADE Corporation's business is described in the Company's reports on file with the Securities and Exchange Commission, including its Form 10-K for the fiscal year ended April 30, 2000.

About ADE Corporation

ADE Corporation is a leading supplier of metrology and inspection systems for the silicon wafer and data storage industries. The Company's systems analyze and report product quality at critical manufacturing process steps and provide quality certification data that is relied upon by semiconductor and data storage manufacturers. The Company's systems also are used in the fabrication of integrated circuits. To learn more about ADE, visit the Company's Web site at www.ade.com.
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Publication:Business Wire
Date:Jul 10, 2001
Words:420
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