Thursday, March 12, 2009

Advanced Energy Chops Workforce

Fort Collins, Colorado-based Advanced Energy Industries, a manufacturer of equipment for the solar and semiconductor industry, said Thursday afternoon that the firm is cutting its workforce by 330 people, or approximately 22 percent of its staff. The firm said that the cuts were due to "deterioriating economic conditions" and weakening demand from the firm's end markets. In addition, the firm said it will cut the salaries of its management and executive officers by an additional 5%, a total of 15%, effective the first of April. Advanced Energy Industries said it expects to save $8.2M annually from the cuts. AEI manufactures power control systems used uin fabrication processes for semiconductor, flat panel display, data storage products, solar cells, architectural glass, and other applications.