APPLIED MATERIALS PARES DOWN PORTFOLIO
SANTA CLARA - 03/02/06 - The Board of Directors of Applied Materials Inc. has approved a plan to disinvest a portion of the company's real estate and facilities portfolio in Korea, Japan, and the US "based on management's evaluation of its global infrastructure in light of anticipated business needs."
According to a statement released by the semiconductor equipment  maker, the company expects to sell or otherwise dispose of "certain owned or leased facilities" located in Hayward, California; Hillsboro, Oregon; Danvers, Massachusetts; Chunan, South Korea; and Narita, Japan.
The facilities "were acquired either as part of a merger or under business conditions that have changed," it said.
Applied had $212 million in restructuring charges for the quarter that ended on January 29, including $122 million in asset-write offs and $90 million in impairments for restructuring.
The company also expects to spend $109 million to implement the plan and to save $29 million per year through 2014.
The divestment "is not expected to adversely impact the company's ability to serve its customers or execute its business strategies," the statement said, adding that Applied "intends to complete this action as soon as feasible."
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