GT Advanced announces reorganization, to reduce workforce by 25% GT Advanced Technologies is streamlining worldwide operations to better align its cost structure with current market conditions and enhance its ability to pursue strategic growth initiatives, including the consolidation of existing business units into a single Crystal Growth Systems group and cost reduction actions including an approximately 25% reduction of the company's global workforce. When fully implemented, the workforce reduction is expected to reduce the company's annualized expenses by approximately $13M. GT expects to record restructuring charges associated with these actions in the amount of approximately $4.2M in the December quarter. "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 CEO. "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."
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