MEMC announces massive restructuring plan for 2012-Iota

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News > Dynamic industry > MEMC announces massive restructuring plan for 2012

MEMC announces massive restructuring plan for 2012

MEMC Electronic Materials (NYSE:WFR) said it plans a global restructuring initiate involving jobs cuts which are expected to result in cash flow benefits of over $200 million by the end of 2012.
The maker of silicon wafer technologies said that, as a result of difficult market conditions in the semiconductor and solar industry, it intends to reduce the size of its global workforce, right size its production capacity, and accelerate operating cost reductions.
MEMC said it plans to reduce its global workforce by about 1,300 people, representing 20 percent of its employees. Of this, 250 positions are within the U.S. with 41 percent are in its semiconductor materials segment, and 47 percent are in its solar materials segment.
MEMC expects to incur a $700 million charge in the fourth quarter, with about $520 million of it expected to be non-cash. The remaining $180 million will make up the cash portion of the restructuring, and MEMC said more than half of this will be spent after 2012.
The St.Peters, Missouri-based company also said it is evaluating its existing goodwill and deferred tax assets. It will take another non-cash charge related to the potential goodwill impairment and deferred tax asset realization in the fourth quarter.
The charge is expected between $200 million and $400 million for the impairment of goodwill, and in the range of $225 million and $275 million for the tax asset realization.

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