Photronics cuts work force by 10 to 12%

March 26, 2003 – Brookfield, CT – Photronics Inc. will cut its work force by between 10 and 12% and cease manufacturing operations in Phoenix, in an effort to return to profitability by July.

As of Dec. 31, Photronics employed nearly 1,600 people. A spokeswoman said the company plans to eliminate 155 to 165 jobs.

The photomask supplier will take a 2Q restructuring charge of $36 to $40 million, or $1.12 to $ 1.25/share in connection with the job cuts and plant shutdown.

The company expects to recover the charges within two years through lower operating costs and increased efficiency.

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