Formfactor to layoff 8% of it's workforce

Livermore-based FormFactor (NASDAQ: FORM) is laying off 8% of it's workforce. The reduction will work out to about 55 workers losing their jobs.

Via press release:

"The decision to eliminate jobs is a very difficult one, but we believe this action is crucial to our goal of simplifying the structure and getting back to basics," said FormFactor's Chief Executive Officer, Carl Everett. "Our priority remains serving our customers. We are working to streamline the organization and to improve our company-wide performance."

The company makes technology used with semiconductors. It employs more than 600 people in Livermore and Singapore and expects to take a hit of $5 million in this latest restructuring plan.