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Components | May 24, 2012

Intersil lays off 11% of workforce

The restructuring plan includes a reduction of approximately 11% of Intersil's worldwide workforce and a reduction of approximately $40 million in annual operating expenses.

On May 21, 2012, the Board of Directors of Intersil Corporation approved a restructuring plan to focus the "company on its Top Ten Growth Drivers and revise its target operating model." The restructuring plan includes a reduction of approximately 11% of Intersil's worldwide workforce and a reduction of approximately $40 million in annual operating expenses. The company expects to recognize restructuring-related charges of approximately $9 million, consisting primarily of employee severance benefits, during the second quarter of 2012. Intersil employed 1'643 workers as of December 31, 2011.
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