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Micron Technology work force cut reaches ten percent

Micron Technology Inc said Tuesday it has cut less than 10 percent of its 11,000-person work force in Idaho, though it indicated more cuts are possible as the company attempts to recover from losses fed by falling prices for its products.

'We have completed many of these work force reductions, which account for less than 10 percent of our work force in the Treasure Valley,' Micron CEO Steve Appleton said in a statement. Company officials declined to say just how many of Micron's 23,000 total workers in locations including Singapore and Utah were affected by the cuts. Micron was hit by a global supply glut on products including Dynamic Random Access Memory chips for personal computers and NAND flash memory, prompting prices to dive and leading to the company's second loss in as many quarters. In the third quarter that ended May 31, Micron lost $225 million, from a profit of $88 million in the year-earlier period. In the second quarter, the company lost $52 million.

CNN

Posted by | Thu, Jul 12, 2007 - 09:06 PM