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Affy to Relocate Array Manufacturing to Singapore in Cost-Cutting Plan

NEW YORK (GenomeWeb News) – Affymetrix plans to move the “majority” of its probe array manufacturing from its West Sacramento, Calif., facility to its Singapore facility by the end of 2008, the company said in a filing with the US Securities and Exchange Commission on Friday.
 
In the filing, the company said that the restructuring was approved on Feb. 28 as part of an ongoing effort to reduce costs.
 
As a result of the restructuring, Affy expects to incur non-cash charges of around $12 million to $15 million related to the abandonment of certain manufacturing assets and approximately $500,000 related to employee severance in the first quarter of 2008. 
 
The company did not disclose further details of the restructuring plan.

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