Applied Materials, one of the nation’s largest producers of semiconductor-manufacturing equipment, gave the green light this week to a plan to reduce its global workforce by about 4 percent, affecting some 1,400 employees.
Based in Santa Clara, California, the company approved its workforce reduction plan to ensure “continued growth as a more competitive and productive organization,” it noted in its Oct. 23 filing with the Securities and Exchange Commission.
As a result of the layoffs, Applied Materials expects to incur expenses of $160 million–$180 million for payment of severance and other employee termination benefits. Most of these charges will be handled during the fourth quarter of fiscal 2025 and the first quarter of fiscal 2026….