UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 8, 2010

 


 

FormFactor, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-50307

 

13-3711155

(State or other jurisdiction
of incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

 

7005 Southfront Road

Livermore, CA

 

94551

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (925) 290-4000

 

N/A

(Former name or former address if changed since last report.)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.05                                             Costs Associated with Exit or Disposal Activities.

 

On September 13, 2010, FormFactor, Inc. (the “Company”) announced its decision to cease the transition of manufacturing operations to Singapore.  The manufacturing activities that were scheduled to be transitioned to Singapore will remain in Livermore.  The decision will result in a reduction in force of approximately 70 employees at its Singapore facility.  The Company expects that the activities comprising the reduction in force will be substantially completed by the 4th quarter of the Company’s fiscal year 2010.

 

At this time, the Company is unable to make a good faith determination of an estimate or range of estimates required by paragraphs (b), (c) and (d) of Item 2.05 of the Current Report on Form 8-K with respect to any charges that may be incurred as a result of this decision.  As permitted by Item 2.05 of the Current Report on Form 8-K, the Company will file an amendment to this Report under this Item 2.05 within four business days after the Company’s determination of such estimate or range of estimates.

 

The Company issued a press release on September 13, 2010 regarding its plan to cease the transition of manufacturing operations to Singapore.  A copy of the press release is attached hereto as Exhibit 99.01 and is incorporated by reference herein.

 

Item 9.01                                             Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number

 

Title and Description

99.01

 

Press Release dated September 13, 2010

 

Forward-Looking Statements

 

Statements in this report that are not strictly historical in nature are forward-looking statements within the meaning of the federal securities laws, including statements regarding business momentum, demand for our products and future growth. These forward-looking statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the Company’s ability to re-absorb its manufacturing operations in its Livermore facility that were being transitioned to Singapore and its ability to successfully transition to profitability. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 26, 2009, as filed with the Securities and Exchange Commission (the “SEC”), and subsequent SEC filings, including the Company’s Quarterly Reports on Form 10-Q for its fiscal quarterly periods ending March 27, 2010 and June 26, 2010.  Copies of the Company’s SEC filings are available at http://investors.formfactor.com/edgar.cfm. The Company assumes no obligation to update the information in this report, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

FormFactor, Inc.

 

(Registrant)

 

 

 

Date: September 13, 2010

By:

/s/ Stuart L. Merkadeau

 

 

Stuart L. Merkadeau

 

 

Senior Vice President,
General Counsel and Secretary

 

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EXHIBIT INDEX

 

Exhibit Number

 

Title and Description

99.01

 

Press Release dated September 13, 2010

 

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Exhibit 99.01

 

 

Investor Contact:

Trade Press Contact:

Stan Finkelstein

David Viera

Investor Relations

Corporate Communications

(925) 290-4321

(925) 290-4681

ir@formfactor.com

dviera@formfactor.com

 

FormFactor Announces Cessation of Singapore Manufacturing Transition

 

LIVERMORE, Calif. — September 13, 2010 — FormFactor, Inc. (Nasdaq: FORM) today announced it is ceasing its transition of manufacturing operations to Singapore. The company’s decision will result in a reduction in force of approximately 70 employees at its Singapore facility. The decision does not impact the company’s other Singapore activities, including its Design Engineering and Design Technology groups or its Finance Service Center, although certain of the local internal company support functions will be resized in light of the manufacturing decision. The manufacturing activities that were scheduled to be transitioned to Singapore will remain in Livermore, and Livermore will continue as the largest manufacturing operation for the company. The Singapore manufacturing decision does not impact the current manufacturing activities in Japan. The company expects that the activities comprising the reduction in force will be substantially completed by the fourth quarter of fiscal year 2010.

 

In the second quarter of fiscal 2010 the company announced a series of corporate initiatives that represented a renewed focus on streamlining and simplifying its operations as well as reducing its quarterly operating costs. Those corporate initiatives included consolidating certain manufacturing operations by moving the assembly and testing operation from Korea to Livermore. The company’s decision announced today to cease the Singapore manufacturing transition is consistent with its plan to simplify business processes and get back to basics in order to return the company to profitability. In addition to costs the company will incur to cease Singapore manufacturing, the decision will impact the remaining useful life of certain assets, including leasehold improvements, in its Singapore facility.

 

Forward-Looking Statements

 

Statements in this press release that are not strictly historical in nature are forwardlooking statements within the meaning of the federal securities laws, including statements regarding anticipated results, market conditions, expectations and operating plans. These forward-looking statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to: the company’s ability to re-absorb manufacturing operations in its Livermore facilities that were being transitioned to Singapore and its ability to successfully transition to profitability. Additional information concerning factors that could cause actual

 

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events or results to differ materially from those in any forward-looking statement is contained in the company’s Form 10-K for the fiscal year ended December 26, 2009, as filed with the SEC, and subsequent SEC filings, including the company’s Form 10-Q for its fiscal quarterly period ending March 27, 2010 and the company’s Form 10-Q for its fiscal quarterly period ending June 26, 2010. Copies of the company’s SEC filings are available at http://investors.formfactor.com/edgar.cfm. The company assumes no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forwardlooking statements.

 

About FormFactor

 

Founded in 1993, FormFactor, Inc. (Nasdaq: FORM) is the leader in advanced wafer probe cards, which are used by semiconductor manufacturers to electrically test ICs.  The company’s wafer sort, burn-in and device performance testing products move IC testing upstream from post-packaging to the wafer level, enabling semiconductor manufacturers to lower their overall production costs, improve yields, and bring next-generation devices to market.  FormFactor is headquartered in Livermore, California with operations in Europe, Asia and North America.  For more information, visit the company’s web site at www.formfactor.com.

 

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FORM-F

 

FormFactor and the FormFactor logo are trademarks or registered trademarks of FormFactor, Inc.

 

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