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January 9, 2013
16:38 EDTGIGGigOptix reduces global workforce by 10% and reduces salaries
GigOptix has taken actions which became effective today to adjust overall spending. These actions include reducing the companyís global workforce by about 10%, primarily in the companyís support and administrative functions, and company-wide salary reductions ranging between 5%-25% based on an individualís salary level. These actions are expected to result in approximately $450K of quarterly cost savings once the plan is fully implemented.
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