Camtek, Semitool Cut Workers

SAN JOSE, Calif. -- Two companies--Camtek Ltd. and Semitool Inc.--are the latest equipment vendors to announce layoffs. Fab-tool maker SemiTool plans to cut about 170 workers out of its total workforce of 1,300, according to the Daily Inter Lake. Semitool (Kalispell, Mont.) recently said sales increased 44 percent to $67.0 million versus revenue of $46.6 million in the third quarter a year ago. Net income increased to $3.4 million, or $0.11 per share, versus breakeven bottom-line results in last year's third quarter. Meanwhile, Camtek has implemented a cost reduction plan, which involves reducing its workforce by about 55 employees. This reduction represents about 12 percent of the company's total workforce. "As a responsible organization we must act conservatively, monitor our business expenses and profitability and be prepared for a business slowdown in light of the global economic turmoil", said Rafi Amit, Camtek's CEO, in a statement. With headquarters in Migdal Ha'Emek Israel, Camtek markets automatic optical inspection systems and related products. Axcelis, Entegris, FSI, KLA-Tencor, Lam, Mattson, Micronic and other fab-tool makers have also recently announced layoffs. With semiconductor equipment manufacturers reporting rapid declines in orders and shipments and the world experiencing a financial crisis that is projected to further cripple already waning end-user demand for chips, analysts and equipment executives are increasingly drawing parallels between the current climate and the devastating downturn of 2000-2001.