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Employees at Orbotech told "Globes" that, in addition to the job cuts, the company will also close its integrated circuits division, the company's third largest business. The division will cease operating as a separate unit and will be merged with the printed circuit division, currently Orbotech's largest business.
At the end of June Orbotech announced that it would acquire Photon Dynamics Inc. (Nasdaq: PHTN), a US maker of test and repair systems for the liquid crystal (LCD) flat panel display industry, whose product line complements Orbotech's own range of LCD testing systems. Orbotech is understood to have agreed to pay $290 million in cash for Photon, in what will be the largest acquisition in its history.
Since the announcement of the acquisition, speculation has been rife over possible job cuts at Orbotech, as part of an attempt to synergize the two companies' operational capabilities, with the aim of achieving a swift return on investment. On the other hand, the firings could be part of an attempt by Orbotech to cope with the other challenges it currently faces -- like many other companies, it too, has been adversely affected by the falling shekel-dollar exchange rate. One particular problem that Orbotech is now facing is the weakness in its lines of business, which are vulnerable to the slowdown in consumption in the US and elsewhere.
To see more of the Globes or to subscribe to the newspaper, go to http://www.globes.co.il. Copyright (c) 2008, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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