Agilent Technologies Inc. says it will lay off 2,700 workers and halt share buybacks as the scientific-instrument maker struggles with a huge drop in demand.
The company expects revenue in its electronic-measurement segment to drop 30 percent in fiscal 2009. This is the lowest level in its 10-year history.
Revenue in its chip and board test segment is expected to fall 50 percent from the 2008 level, and 65 percent from its peak volume.
Company spokeswoman Jean Mooney says the number of layoffs at Agilent's Loveland, Colo., facility has not been determined.
The Loveland operation has 425 employees and focuses mainly on the electronic-measurement segment. Agilent is cutting annual costs by $300 million in that segment and by $10 million in its chip and board test segment.
The company will also suspend share buybacks for the rest of its fiscal year, which ends in October.
Copyright 2009 Gray Television Group, Inc. All rights reserved.
This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.