SMT & Inspection | July 21, 2009
ASMI to consolidate Front-end manufacturing operations in Singapore
ASM International is accelerating its cost reduction and restructuring of worldwide Front-end operations. The global Front-end Manufacturing operations from Europe, the United States and Japan will be consolidated into Singapore by the end of 2010. Job losses are expected.
The main components of the Company's accelerated execution plans are: - The consolidation of its global Front-end Manufacturing operations from Europe, the United States and Japan, into its Front-end manufacturing operations in Singapore by the end of 2010. This will be achieved by: 1) completing the previously announced transfer from Almere, the Netherlands, which is on schedule; 2) phasing out the manufacturing operation in Phoenix, Arizona, in the first half of 2010; and 3) transferring manufacturing from Nagaoka, Japan, no later than the fourth quarter of 2010. The Company believes these actions will also lead to significant Working Capital reductions. -The reduction of Selling, General and Administration expenses by making fundamental changes in our global support infrastructure. This includes a significant simplification and streamlining of our warehousing operations and the further strengthening of the Global Sales & Service organization which was created last year. - The leveraging of Research and Development and our product portfolio by reprioritization of strategic programs in order to maximize their potential. Following the implementation of these measures, ASMI will continue to maintain strong Research and Development, Product Management, Marketing and Customer Support activities in Almere, Phoenix and Nagaoka/Tama. "Unfortunately, restructuring on this scale requires the loss of many loyal and dedicated employees", a statement reads. The Company expects that total restructuring charges of approximately Euro 60 - 70 million, which include amounts disclosed earlier this year, will largely be accounted for in the 2009 accounts with the associated cash flows distributed relatively evenly over 2009 and 2010. The amounts include non-cash charges of an estimated Euro 10 million related to impairment of assets. In addition, partly as a result of the current prolonged contraction in the semiconductor industry, the Company will report an inventory write-down of approximately Euro 20 - 25 million in the 2009 second quarter results, which will be announced on July 29, 2009.
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