Tempe, Arizona-based Amtech Systems, a manufacturer of production equipment for the solar. LED, and semiconductor industry has announced that its restructuring plan for its solar division will result in approximately 40 layoffs. The decision was said to be drive due to challenges in the company’s solar business even as the government and media stress “green” technologies will result in more jobs.
In reality, it appears that the reduction in force is tied to an abysmal net loss of $9 million in the fiscal fourth quarter with $7 million of the loss was attributable to non-cash charges related to goodwill and intangible assets related to the company’s solar business.
According to J.S. Whang, the Executive Chairman of Amtech replacing its current CEO Fokko Pentinga, stated “The [Restructuring] Plan is to better align our workforce with the current needs of our business and enhance our competitive position for long-term success. We continue to develop our core technologies to ensure we are best positioned to be the supplier of choice in the marketplace.We look forward to continuing to prudently invest in the long-term profitable growth of the company."
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