GT Advanced Technologies GTAT today announced that it is
streamlining worldwide operations to better align its cost structure with
current market conditions and enhance its ability to pursue strategic growth
initiatives, including the consolidation of existing business units into a
single Crystal Growth Systems (CGS) group and cost reduction actions including
an approximately 25 percent reduction of the company's global workforce. When
fully implemented, the workforce reduction is expected to reduce the company's
annualized expenses by approximately $13 million. GT expects to record
restructuring charges associated with these actions in the amount of
approximately $4.2 million in the December quarter.
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