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Tech Industry

Short Take: Silicon Valley Group cuts workforce

Silicon Valley Group, a maker of semiconductor equipment, plans to cut 711 employees, or 21 percent of its workforce, marking the latest in a wave of semiconductor industry layoffs. The company, which scheduled a 15-day shutdown during the second half of its fiscal year in a move to trim expenses, said the staff cuts will result in a pretax charge of $3 million to earnings for its fourth quarter.

    Silicon Valley Group, a maker of semiconductor equipment, plans to cut 711 employees, or 21 percent of its workforce, marking the latest in a wave of semiconductor industry layoffs. The company, which scheduled a 15-day shutdown during the second half of its fiscal year in a move to trim expenses, said the staff cuts will result in a pretax charge of $3 million to earnings for its fourth quarter.