Amkor continues cost reductions with voluntary retirement in Japan

February 10, 2012 — In its 2011 recap and Q4 financial results, semiconductor packaging company Amkor (NASDAQ:AMKR) shared that it cut costs through workforce reductions in Q4 2012, and announced a voluntary retirement program in Japan to continue this initiative.

Amkor incurred a $4 million charge in Q4 associated with the workforce reduction in Q4.

"As part of our continuing efforts to rationalize our cost structure, we have initiated a voluntary retirement program in Japan. While the ultimate amount of the charge for this restructuring initiative will depend on the level of employee participation, we currently anticipate incurring a charge of around $6 million in the first quarter 2012," said Joanne Solomon, Amkor’s executive vice president and chief financial officer.

Amkor’s Q4 results and 2011 review, as well as Q1 2012 forecast, are available here.

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