Kulicke & Soffa

(KLIC) - Get Report

, a semiconductor equipment maker, offered a rather bleak outlook for the remainder of the year and set plans to cut 7% of its workforce.

The company, which is based in Willow Grove, Pa., said "looking ahead, we do not anticipate a return to a more robust business cycle before the end of the 2001 calendar year." About 300 people will lose their jobs.

Kulicke & Soffa also said "in light of the lower order activity we have experienced over the last few months, K&S must adapt its cost structure to the realities of the semiconductor industry."