Applied Materials to lay off 500 in restructuring

July 21, 2010 10:20:12 AM PDT
Santa Clara-based Applied Materials announced Wednesday it will lay off up to 500 people as part of a restructuring plan.

The high-tech company says the cuts will be in its Energy and Environmental Solutions Department. It will focus more on solar and advanced energy.

The restructuring plan is expected to cut expenses by at least $100 million.