Ad
Ad
Ad
Ad
Ad
Ad
Ad
© The White House via YouTube - For illustrative purposes Business | June 18, 2018

Broadcom lays off more than 1'000 employees after Brocade merger

Following the acquisition of Brocade, Broadcom says that it has laid off about 1’100 employees across the company in order to cut costs.
In a regulatory filling, Broadcom details the restructuring expenses following the merger. The company started implementing cost reduction activities associated with the Brocade merger during the first quarter of the fiscal year 2018.

In connection with the Brocade Merger, Broadcom recognised USD 35 million and USD 143 million of restructuring costs primarily related to employee termination costs. About 1’100 employees have been terminated from the workforce across all business and functional areas on a global basis as a result of the Brocade Merger, the according to the filling.

The company says in the filling that management is in the process of further evaluating its resources and business needs and may eliminate additional positions, which would result in additional restructuring costs.

The majority of the employee termination costs balance is expected to be paid in the third quarter of fiscal year 2018.

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news
September 21 2018 11:51 am V11.0.0-2