Orbotech gives bleak outlook on LCD panel market

Orbotech said manufacturers cut spending and delay expansion, Orbotech CEO Rani Cohen told Bloomberg. Orbotech is planning a cost reduction program of $60 million. Orbotech is however counting on LCD TV production to grow to 300 million sets in up to seven years, according to a forecast by the market-research firm Displaybank data Bloomberg reported. Orbotech’s PCB inspection business is also feeling the impact of the drop in consumer spending, Cohen told Bloomberg. Sales of PCB equipment fell by 26% to $27.7 million in the third quarter compared to a year earlier according to the Bloomberg report.