KLA-Tencor Announces Layoffs; 10% of Workforce

Milpitas-based KLA-Tencor (KLAC: 56.06 0.00%) announced today that it is laying off 10% of its workforce, or about 600 employees. The company currently owns or leases over a million square feet of facilities in Milpitas, San Jose, and Santa Clara, with a majority of that owned. In addition to the job cuts, the company also intends to consolidate facilities as a further cost cutting measure.

The downturn is hitting companies such as KLA-Tencor particularly hard. While many companies are experiencing flat to slight declines in revenue, KLA-Tencor and other manufacturers of semiconductor manufacturing and test equipment face even more steep declines. As a result, I anticipate that we’ll see further cuts at companies such as Applied Materials, Lam Research, KLA-Tencor, and other equipment makers.

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