Chip machine maker ASMI is to cut 200 jobs as part of a worldwide reorganisation, the company said in a statement on Friday.

The company said it is suffering from the global economic downturn and is shifting some activities to Singapore. After the revamp, which will cost up to €30m, the company will have 350 workers left in Europe.
‘Losing loyal and dedicated employees is a painful process. However, we are committed to making tough choices and firmly executing on them in order to deliver improved front-end profitability,’ said CEO Chuck del Prado in a statement.
ASMI’s front end operations have made a loss for years and the company has come under considerable pressure from activitist shareholders to sell it off.