International Business Times, 17 Dec 2008
SINGAPORE -- 12/17/2008, UNITED STATES -- (Marketwire) -- 12/17/08 -- STATS ChipPAC Ltd.("STATS ChipPAC" or the "Company") (SGX-ST: STATSChP) (SES: S24), a leading semiconductor test and advanced packaging service provider, today announced a restructuring plan to better align its operations with business outlook as a result of the global semiconductor downturn.
Since the middle of 2008, the Company has taken a number of actions to reduce its operating costs. These included productivity improvements,material cost reduction and reduction in capital expenditure. The Company has also reduced labor costs through attrition and hiring freeze, mandatory shutdown and vacation, reduction in overtime, salary freeze of executives and voluntary separation.
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