Monday, March 23, 2009

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Electroglas cuts 15% of workforce, plans for more

Electroglas, which cut its work force by 15 percent and reduced salaries for those remaining by the same amount, said the steps were “not enough to compensate for the precipitous drop in revenue” during its fiscal 2009 third quarter, for which it released results today.

The company, which supplies wafer probing equipment and software used by chip makers, said it is in the process of “adjusting to these business realities and have additional plans in place to dramatically lower our break even point which should return us to positive gross margins this quarter.”

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