Shakeout: "Applied Materials Cutting Up To 500 Jobs In Solar Business" (AMAT)

From Tech Trader Daily:

Applied Materials (AMAT) this morning said it expects to cut 400-500 positions in its Energy and Environmental Solutions segment, where it will focus on crystalline silicon solar and advanced energy, including LED technology. The company said the restructuring should cut expenses by at least $100 million on an annualized basis. AMAT said it intends to make the group profitable in FY 2011.
The company said that it will discontinue sales of its SunFab fully integrated thin-film solar manufacturing gear, but will offer individual tools for sale, including CVD and PVD equipment.

CEO Mike Splinter said in a statement that “while Applied has delivered significant innovations with our SunFab production line and made substantial progress on our technology roadmap, the thin film market has been negatively impacted by several factors, including delays in utility-scale solar adoption, solar panel manufacturers’ challenges in obtaining affordable capital, changes and uncertainty in government renewable energy policies, and competitive pressure from crystalline silicon technologies.”...MORE, including video.