As part of the restructuring, Brooks announced that it will be reorganizing its business to consolidate its semiconductor product and services offerings under the leadership of
“We began our transformation five years ago to leverage our deep capabilities in automation and cryogenics by applying them to the Life Sciences market for automated sample management,” said
Schwartz continued, “To be clear, the restructuring announced today is not related to anything we are seeing in the macro-economic environment. We continue to feel optimistic about the overall Semiconductor and Life Sciences markets and our leading positions within each. This is the next step in our strategic intent to strengthen both segments and to reduce cost.”
Leadership Transition
The Company also announced that
“Brooks has benefitted tremendously under Mark’s leadership since he joined us at the beginning of 2012,” Schwartz commented. “Mark has implemented the disciplines to shape the Semiconductor business with a stronger portfolio with higher growth capability, increased customer satisfaction, and improved profit margins, while growing the Life Sciences business and successfully transitioning it to the leadership of
Cost Reductions and Charges
As referenced above, the Company is restructuring to streamline business operations as part of a company-wide initiative to improve profitability and competitiveness. The plan provides for the elimination of management structure and will lead to simplification and efficiency in its business. The Company estimates the actions driving the savings to be in the range of
The restructuring initiatives are expected to drive approximately
About
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks’ technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market and, through product development initiatives and strategic business acquisitions, has expanded offerings to meet the needs of customers in the life sciences industry, analytical & research markets and clean energy solutions. Brooks is headquartered in
“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include, but are not limited to statements about the anticipated restructuring charges, related cash expenditures and the timing to recognize these charges, cost savings, and other statements regarding our strategies, market and products positions, performance, and results. Factors that could cause results to differ from our expectations include the following: estimates and assumptions underlying the Company’s restructuring plan, estimated charges that may not be realized; failure to maintain cost reductions or otherwise control our expenses; and the impact of non-cash charges on our financial results. In addition, actual results are subject to other risks that relate more broadly to Brooks’ overall business, including those that we have described in our filings with the
CONTACTS:
978.262.2400
lynne.yassemedis@brooks.com
Senior Managing Director
646.277.1254
john.mills@icrinc.com
Brooks Automation, Inc.