Thursday, March 26, 2009

Agilent To Cut 2,700

Santa Clara-based Agilent Technologies is reporting today that it is in the midst of a "major restructuring" of its Electronic Measurement business, which will affect approximately 2,700 employees. According to Agilent, the cuts are a response to "the most severe global downturn in the company's history." Agilent said that the cuts will cost the firm about $160M in cash, but will save the firm $300M annually in its Electronic Measurement segment. In explaining the layoffs, Agilent said it is expecting 2009 revenue in its Electronic Measurement segment to be down roughly 30 percent from 2008, the lowest in the firm's 10-year history; the firm said revenue in its Semiconductor & Board Test Segment is worth, down 50 percent from last year and down 65 percent from its peak.