onsemi plans to lay off more than 700 employees
As part of the company’s ongoing efforts to streamline its operations, On Semiconductor plans to lay off approximately 740 of the company’s and its subsidiaries’ employees globally.
In a SEC filling the company states that as it realign its investments to focus on growth drivers and key markets, it will implement certain employee terminations during the first half of 2021 – this will ultimately impact approximately 740 employees at On Semiconductor and its subsidiaries.
On Semiconductor estimates that it will incur between USD 58 million and USD 62 million in aggregate costs during the first half of 2021 in connection with the workforce reduction relating to one-time cash payments for severance, medical benefit continuation payments, payroll taxes and related costs.
At the same time the company says that it plans to reinvest a substantial portion of the savings generated from the workforce reduction into its continuing workforce and certain business initiatives and opportunities.
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