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Microsemi to Close a Massachusetts Plant

California | IN BRIEF / Southland

January 25, 2002|Bloomberg News

Microsemi Corp., a maker of semiconductors for computers and cellular telephones, said it will close a plant in Watertown, Mass., that employs about 300 people.

The plant will be shut in several phases during the next six months to a year and its functions transferred to other Microsemi operations, the Irvine company said.

Microsemi and other semiconductor manufacturers have faced slowing sales growth because of a sluggish economy and excess inventories. The company last year closed or consolidated three of its underperforming businesses.

Microsemi also said its fiscal first-quarter profit rose 4% to $4.26million, or 14 cents a share. Sales in the period ended Dec. 30 fell 9.5% to $57 million.

The company said it will take a second-quarter charge for closing the Massachusetts plant.

The announcement came after the close of regular U.S. trading. Microsemi shares rose $1.20 to $22.38 on Nasdaq, but fell as low as $20 in after-hours trading.

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