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Short Take: Novellus to cut workforce

Novellus Systems, which makes advanced automated wafer fabrication systems, said it will reduce its workforce by 20 percent as part of previously announced layoffs to reduce costs. The workforce reduction amounts to about a $5 million restructuring charge that will appear in the company's third fiscal quarter. The company said the layoffs were necessary due to "weakness in customer spending levels."

Novellus Systems, which makes advanced automated wafer fabrication systems, said it will reduce its workforce by 20 percent as part of previously announced layoffs to reduce costs. The workforce reduction amounts to about a $5 million restructuring charge that will appear in the company's third fiscal quarter. The company said the layoffs were necessary due to "weakness in customer spending levels."