GT Advanced Technologies (GTAT), a leading global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials, announced to streamline worldwide operations to optimize cost structure and enhance its ability to pursue strategic growth initiatives. The company planned to consolidate the existing business units into a single Crystal Growth Systems (CGS) group and reduce its global workforce by approximately 25 percent.
 
When fully implemented, the workforce reduction is expected to reduce the company’s annualized expenses by approximately $13 million. GT expects to record restructuring charges associated with these actions in the amount of approximately $4.2 million in the December quarter.
 
The company also indicated that its revenue for the third quarter ending September 29, 2012 would be at the low end of its previously stated guidance range of $110 million to $140 million. The company will report its financial results for Q3CY12 after the close of the market on November 6th and will hold a webcasted conference call at 8:00am ET on November 7th.
 
“It is becoming increasingly clear that some of our Asian customers are experiencing severe financial difficulties brought on by a number of economic and trade related challenges,” said Tom Gutierrez, president and chief executive officer. “We are not immune to these headwinds and we are taking actions to prepare for what is likely to be a challenging 2013 in our core markets by lowering our cost structure and at the same time improving our ability and flexibility to make strategic investments in R&D, next-generation technology and diversification initiatives that we believe will drive future growth and the creation of shareholder value.