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Magnachip to cut workforce by 5%

South Korean Magnachip Semiconductor, a designer and manufacturer of f analog and mixed-signal semiconductor platform solutions, is reportedly planning to reduce its workforce by 5% in response to last year's poor performance and the general decline of the global semiconductor market.

The company has reportedly offered voluntary retirement to up to 5% of its workforce of 900, reports South Korean electronics industry media The Elec citing undisclosed sources.

The source continued to state that the move is likely a “precursor before a sale”. Magnachip declined to comment when approached by the Elec.

Last year the company recorded revenues of USD 337 million, a 28.8% decrease from 2021.


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June 13 2024 1:49 pm V22.4.55-2