FormFactor Announces Cessation of Singapore Manufacturing Transition
September 13 2010 - 8:30AM
Marketwired
FormFactor, Inc. (NASDAQ: FORM) today announced it is ceasing its
transition of manufacturing operations to Singapore. The company's
decision will result in a reduction in force of approximately 70
employees at its Singapore facility. The decision does not impact
the company's other Singapore activities, including its Design
Engineering and Design Technology groups or its Finance Service
Center, although certain of the local internal company support
functions will be resized in light of the manufacturing decision.
The manufacturing activities that were scheduled to be transitioned
to Singapore will remain in Livermore, and Livermore will continue
as the largest manufacturing operation for the company. The
Singapore manufacturing decision does not impact the current
manufacturing activities in Japan. The company expects that the
activities comprising the reduction in force will be substantially
completed by the fourth quarter of fiscal year 2010.
In the second quarter of fiscal 2010 the company announced a
series of corporate initiatives that represented a renewed focus on
streamlining and simplifying its operations as well as reducing its
quarterly operating costs. Those corporate initiatives included
consolidating certain manufacturing operations by moving the
assembly and testing operation from Korea to Livermore. The
company's decision announced today to cease the Singapore
manufacturing transition is consistent with its plan to simplify
business processes and get back to basics in order to return the
company to profitability. In addition to costs the company will
incur to cease Singapore manufacturing, the decision will impact
the remaining useful life of certain assets, including leasehold
improvements, in its Singapore facility.
Forward-Looking Statements Statements in
this press release that are not strictly historical in nature are
forward-looking statements within the meaning of the federal
securities laws, including statements regarding anticipated
results, market conditions, expectations and operating plans. These
forward-looking statements are based on current information and
expectations that are inherently subject to change and involve a
number of risks and uncertainties. Actual events or results might
differ materially from those in any forward-looking statement due
to various factors, including, but not limited to: the company's
ability to re-absorb manufacturing operations in its Livermore
facilities that were being transitioned to Singapore and its
ability to successfully transition to profitability. Additional
information concerning factors that could cause actual events or
results to differ materially from those in any forward-looking
statement is contained in the company's Form 10-K for the fiscal
year ended December 26, 2009, as filed with the SEC, and subsequent
SEC filings, including the company's Form 10-Q for its fiscal
quarterly period ending March 27, 2010 and the company's Form 10-Q
for its fiscal quarterly period ending June 26, 2010. Copies of the
company's SEC filings are available at
http://investors.formfactor.com/edgar.cfm. The company assumes no
obligation to update the information in this press release, to
revise any forward-looking statements or to update the reasons
actual results could differ materially from those anticipated in
forward-looking statements.
About FormFactor Founded in 1993,
FormFactor, Inc. (NASDAQ: FORM) is the leader in advanced wafer
probe cards, which are used by semiconductor manufacturers to
electrically test ICs. The company's wafer sort, burn-in and device
performance testing products move IC testing upstream from
post-packaging to the wafer level, enabling semiconductor
manufacturers to lower their overall production costs, improve
yields, and bring next-generation devices to market. FormFactor is
headquartered in Livermore, California with operations in Europe,
Asia and North America. For more information, visit the company's
web site at www.formfactor.com.
FORM-F
FormFactor and the FormFactor logo are trademarks or registered
trademarks of FormFactor, Inc.
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Investor Contact: Stan Finkelstein Investor Relations
(925) 290-4321 Email Contact Trade Press Contact: David
Viera Corporate Communications (925) 290-4681 Email Contact
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