Kulicke And Soffa Industries Says One Of Its Strategic Customers Has Cancelled Project W; Company Expects To Incur Pre-tax Charges, Including Impairments, Of $110M-$130M

Author: Benzinga Newsdesk | March 11, 2024 05:30pm

In connection with the foregoing, on March 11, 2024, the company committed to a plan to cease operational activities and commence wind down activities concerning various aspects of the Project, as a result of which the Company expects to incur pre-tax charges, including impairments, in the range of $110 million and $130 million. The Company also expects to incur pre-tax non-cash impairment charges of (i) between approximately $49 million and $53 million of inventory write-down charges, and (ii) between approximately $44 million and $48 million of impairment charges relating to long-lived assets.

Posted In: KLIC