Chip gear maker Applied Materials to cut jobs

Wed Oct 3, 2012 4:58pm EDT

Oct 3 (Reuters) - Chip gear maker Applied Materials Inc said it would implement certain workforce reduction programs, which will affect about 900 to 1300 jobs, or 6 to 9 percent, of its global workforce.

The company expects to record a pretax restructuring charge of between $180 million and $230 million. It will begin recording the charges in the fourth quarter of fiscal 2012, with the remainder during fiscal 2013.

Applied Materials expects to substantially complete the restructuring plan by the end of the third quarter of fiscal 2013.

The plan is likely to result in savings of about $140 million to $190 million annually on completion, the company said.

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