Teradyne to Cut Jobs, Shut Plant
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Teradyne Inc., the world’s biggest maker of semiconductor-testing equipment, said it would fire 320 employees and close a plant in Poway, Calif.
The cuts affect workers in two areas -- the connection systems division and the assembly test division, Boston-based Teradyne said in a regulatory filing Tuesday. Teradyne employed about 6,300 people worldwide as of mid-October.
The moves are part of a restructuring aimed at cutting expenses. Costs related to job cuts and the plant closure will total an estimated $11 million in the first quarter. The action should be completed in the quarter, the company said in the filing.
Shares of Teradyne climbed as high as $15.33 in after-hours trading on the New York Stock Exchange, after earlier dropping 52 cents to $14.84. The stock has fallen about 46% in the last year.
Teradyne spokesman Tom Newman didn’t return a call seeking comment.
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