Short Take: Silicon Valley Group issues profit warning, announces layoffs

Semiconductor equipment maker Silicon Valley Group warned that its fourth-quarter sales are expected to decline between 10 percent and 15 percent from the previous quarter. The company said it would trim its workforce by about 300 employees--in addition to cutbacks announced in July--and will close a plant in the United Kingdom. SVG expects to post a one-time charge of between $26 million and $31 million as a result.

Jan. 2, 2002 4:43 p.m. PT

Semiconductor equipment maker warned that its fourth-quarter sales are expected to decline between 10 percent and 15 percent from the previous quarter. The company said it would trim its workforce by about 300 employees--in addition to cutbacks announced in July--and will close a plant in the United Kingdom. SVG expects to post a one-time charge of between $26 million and $31 million as a result.