LTX-Credence To Cut Jobs, Close Facilities

Posted by: Technology Staff Editor
In: Information Technology

written by Dylan McGrath, courtesy of EE Times

SAN FRANCISO—LTX-Credence Corp. plans to terminate an undisclosed number of employees and close redundant facilities as part of its integration plan following the August merger of the former automated test equipment (ATE) rivals, according to a regulatory filing.

According to an 8-K filed with the U.S. Securities and Exchange Commission (SEC) Friday (Sept. 12), the company completed notifying most affected employees on Sept. 9.

As a result of the layoffs, LTX-Credence said it plans to incur approximately $17.3 million in charges. The company said it is finalizing plans to close unnamed redundant facilities but cannot yet estimate the total charges it will take for these actions.

The Oregonian reported Monday that the cuts will affect 60 workers in the Portland, Ore. area, where Credence long maintained a manufacturing facility in Hillsboro.

LTX-Credence could not immediately be reached for comment.

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