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Imaging technology company Photronics Inc. reports it is closing a manufacturing facility in Shanghai, China, to reduce costs, laying off 75 people in the process.
According to officials at Brookfield, Conn.-based Photronics, the facility manufactures integrated circuit photomasks. Photronics (Nasdaq: PLAB) says it expects to take an after tax charge of approximately $10 million to $14 million in fiscal 2009 due to closing the plant.
The company said it should experience minimal impact, if any, on its revenue due to the fact it has enough manufacturing capacity elsewhere to make up the difference. Photronics expects to realize an annual cost savings from the closing of $4 million to $5 million.
After the closure, Photronics will have nine manufacturing facilities around the globe, with four located in Asia — Korea, Singapore and two sites in Taiwan.
Photronics makes photomasks — high-precision quartz plates that contain microscopic images of electronic circuits used to transfer circuit patterns onto semiconductor wafers during the making of integrated circuits.
For fiscal 2008, Photronics reported a loss of $210.8 million on revenue of $422.5 million. That compares to a profit in 2007 of $24.5 million on revenue of $421.5 million.
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