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April 17, 2009
Automatic test equipment maker Teradyne Inc., Friday revealed several cost reduction measures including 350 job cuts and executive salary cut. The actions are a part of its ongoing efforts to lower expenses and its cost structure in light of the continued deterioration in the semiconductor equipment market.
In a regulatory filing, the North Reading, Massachusetts-based company said that it will eliminate 350 jobs. The job cuts are expected to be completed in the second quarter of 2009, and are indicated to result in an estimated total severance cash charge of about $12 million that will be expensed in the second quarter of 2009.
The company will further cut the annual base salaries of executive officers including the chief executive officer, commencing May 1. This reduction is in addition to earlier reductions, which were implemented on October 1, 2008 and February 1, 2009. The further reduction was approved by the compensation committee of Teradyne's board.
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