Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Teradyne Inc. is cutting another 11% of its workforce and trimming the salaries of those left by up to 15%. The company is one of the world’s largest suppliers of automatic test equipment, high-performance interconnection products and total systems integration services.

After the employee layoffs of about 1,000 people worldwide, the company will have 8,000 employees left. About 120 out of the 500 employees in this state will be laid off, according to Tom Newman, vice president of corporate relations for the company. “The business is in a significant slowdown,” Newman tells GlobeSt.com. “Ever since the middle of last year we’ve had to deal with reduced orders and shipments and that won’t be resolved quickly.”

Newman says that the company’s current facilities will not be affected by the layoffs. The company has two facilities here; two in North Reading; and, one in Bedford. The company was in the process of developing three new facilities in Bedford but halted the construction recently. Newman says that the steel is already up on those facilities with temporary closures on top of them. “The industry goes through these things regularly,” he points out. “It’s a volatile business but what is unusual about this downturn is that it affected all of our businesses–even those not involved in the semiconductor business–simultaneously.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.