France's Recif to Cut 250 Jobs
Nov. 06, 2002
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PARIS (AP)_ French semiconductor equipment maker Recif said Wednesday it would lay off 250 workers, or 29 percent of its work force, as part of ongoing restructuring to combat falling revenue and an industry-wide slump.
Recif's announcement came as nine-month revenue fell 52 percent to 20.4 million euros ($20.3 million) from 42.5 million euros a year ago.
The company, which continues to suffer from a slump in the semiconductor sector, said it faces ``a tight financial situation.'' It employs 870 people overall.
Chief executive officer Bernard Poll said in a statement that sales had fallen because of the cancellation and postponement of orders in the third quarter as chip makers continue to pare back new investment.
The layoffs are part of a second restructuring plan at the Toulouse-based company.
Of the 250 layoffs, 90 involve employees at the company's production site near the southern city of Toulouse. Recif's production sites in Minsk, Belarus, and in Sousse, Tunisia, will also be affected.