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News Breaks
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January 18, 2012
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| 14:05 EDT |  | SMSC |
| theflyonthewall.com: | Standard Microsystems announces 5% workforce reduction | | On January 17, the Board of Directors of Standard Microsystems approved a restructuring plan. Pursuant to the plan, the company expects to eliminate approximately 50 positions worldwide (approximately 5% of all employees) during the fourth quarter of FY12. The company estimates that these measures will result in accounting charges of approximately $1M-$1.5M, primarily in the fourth quarter. These charges are mainly comprised of termination benefits expected to be paid in the fourth quarter and the first quarter of FY13. The company expects these actions to reduce operating expenses by approximately $6M-$7M on an annual basis. :theflyonthewall.com |
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May 22, 2012
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| 11:49 EDT | | SMSC |
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