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Semiconductor equipment maker Applied Materials Inc. said Monday it will cut 1,750 jobs, or 11 percent of its work force, as it struggles with the continuing high-tech slump.
The Santa Clara, Calif.-based company said about 800 of the jobs will be cut at its Silicon Valley operations and another 200 from its Austin, Texas, facility. The remaining reductions will take place at other locations. Employees will be notified starting Tuesday.
"This was a painful but necessary decision to make in order to enable the company to align our operations with the current level of business and position for future growth," said James C. Morgan, Applied Materials' chief executive. The job cuts were necessary even after other cost-cutting measures, he said.
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