Bookham closes two of its four plants
3 July 2002 -- Bookham Technology plc is to close two manufacturing facilities in Maryland, USA and Swindon, UK by end-Q3/2002, involving the loss of about 70 jobs.
3 July 2002 -- Optical component manufacturer Bookham Technology plc is to close two manufacturing facilities in Maryland, USA and Swindon, UK by end-Q3/2002, involving the loss of about 70 jobs and exceptional charges of £8-12m. It is currently trying to sell the properties.
Production will be consolidation in its other two facilities. Bookham says that, through an on-going process efficiency programme, it can now handle component production rates of £200m at Milton, Abingdon, UK (where it makes its ASOC silicon-based integrated optical components) and similar levels at Caswell, Northamptonshire, UK (which it acquired with Marconi Optical Component in February and where it makes gallium arsenide- and indium phosphide-based III-V compound semiconductor components).
Revenue for Q2/2002 were £7.1m (up 27% on Q1/2002), in line with analysts' expectations.
After reducing the quarterly cash burn rate from £22.2m in Q1/2002 to £13.8m in Q2/2002, Bookham estimates that on-going cost reduction will reduce this to £10-12m (excluding restructuring costs) by Q4/2002. Bookham ended Q2 with £148.8m in cash.