North Coast Solar Stocks

April 14, 2009

MEMC Electronic Materials cuts 200 more jobs

Filed under: WFR — Tags: , , , — Jason @ 5:55 pm

MEMC Electronic Materials to cut 200 jobs at Korean subsidiary, take 2Q charge of $6.5 million

Tuesday April 14, 2009, 5:55 pm EDT

NEW YORK (AP) — MEMC Electronic Materials Inc. (WFR), which supplies silicon wafers used in making chips and solar cells, said Tuesday it plans to lay off about 200 employees at its Korean subsidiary.

The layoffs are in addition to about 300 jobs already cut this year in the U.S. and Japan.

The latest work force reduction will result in one-time, severance-related charges of about $6.5 million during the second quarter, the company said in a filing with the Securities and Exchange Commission on Tuesday. The cuts will be completed by the end of the second quarter, the company said.

MEMC said the reductions made this year will result in annual cost savings of about $30 million.

Shares dropped 55 cents, or 3.4 percent, to close Tuesday at $15.63.

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