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© alexey utemov dreamstime.com Business | October 07, 2016

Cypress Semiconductor to layoff 500 employees

The company has announced via a SEC filing that it will – as part of its restructuring plan – eliminate approximately 500 positions from its global workforce.
On September 27, 2016, Cypress launched a restructuring plan aimed at realigning its organisational structure and to shift investments and focus to high-growth businesses. As part of this Cypress will reduce its workforce by cutting 500 positions from its workforce across all business and functional areas.

In connection to this decision, the company is expecting to record and pay employee severance and other related charges in a range of about USD 40 million to USD 50 million – primarily in the third and fourth fiscal quarters of 2016.

In the SEC filing the company states that it plans to reinvest a substantial portion of the savings generated from the restructuring plan into employee related matters and certain business initiatives and opportunities – without going into deeper detail on what that will include.
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