Aixtron to cut more than 20 pct of German staff

FRANKFURT Thu May 23, 2013 1:41am EDT

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FRANKFURT May 23 (Reuters) - German chip equipment maker Aixtron is cutting more than 20 percent of its staff in Germany in response to weak demand for its products.

The group, which last month reported a wider than expected operating loss for the first quarter, said in a statement ahead of its annual shareholders meeting on Thursday that the decision was "inevitable, albeit very painful."

It had decided in March it wanted to cut operating expenses by 20 percent. (Reporting by Victoria Bryan; Editing by Maria Sheahan)

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