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February 19, 2013
07:42 EDTISILIntersil to cut workforce by 18%
Intersil announced restructuring initiatives designed to prioritize the company's sales and development efforts, strengthen financial performance and improve cash flow. The restructuring plans will be substantially completed during the Q1 of FY13 and are expected to reduce annual operating expenses by approximately $30M. A restructuring charge of approximately $15M for severance related benefits is expected during the Q1. The refocusing effort will reduce the company's global work force by approximately 18%. Costs savings are expected to be achieved through reductions in work force and increased focus on new product development efforts.
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