GT Advanced Technologies recently announced that due to weak demand in the Asian market, the company will lay off about 25% of its workforce, and its third-quarter revenue may be at the lowest expected level. GT will announce its latest earnings report on November 6. The company had expected its third-quarter revenue to be between $110 million and $140 million.
As of March 31, 2012, GT had a total of 460 employees and contractors in the United States and 203 employees in Asia. GT said it will lay off employees in the United States, about one-fifth of the layoffs, while the proportion of layoffs in Asia is about 30%. The GT is expected to save approximately $13 million annually through layoffs and approximately $4.2 million in the fourth quarter.
In addition, GT will integrate existing business units, merging photovoltaic, polysilicon and sapphire into one division, named crystal growth systems.
As of March 31, 2012, GT had a total of 460 employees and contractors in the United States and 203 employees in Asia. GT said it will lay off employees in the United States, about one-fifth of the layoffs, while the proportion of layoffs in Asia is about 30%. The GT is expected to save approximately $13 million annually through layoffs and approximately $4.2 million in the fourth quarter.
In addition, GT will integrate existing business units, merging photovoltaic, polysilicon and sapphire into one division, named crystal growth systems.
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