MEMC Electronic Materials (WFR) Sheds Another 200 Workers

It’s deja vu all over again as we watch MEMC Electronic Materials struggle. Earlier this month, we reported that they had laid off 200 workers. Now, they’ve laid off 200 more, according to SEC filings. This time, the cuts are happening in Korea. has more details from the regulatory filing:

The company has now committed to further reductions in force affecting an additional 200 employees of the company’s Korean subsidiary, MEMC Korea Company,” according to the filing. MEMC expects to see charges of approximately $6.5 million for one-time discretionary severance pay.

Also, the article notes that

MEMC it expects to report first quarter revenue of about $214 million, which would be a decrease of nearly 50 percent from $425.7 million in the fourth quarter of 2008. MEMC (St. Peters, Mo.) said the preliminary first quarter revenue expectation is consistent with company guidance that revenue could be down as much as 50 percent sequentially.

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