Fairchild announces layoffs
Fairchild Semiconductor has announced a restructuring programme that will see the loss of approximately 1100 jobs, equating to 12% of the company’s workforce.
The move is expected to incur a total of up to $16million in one time cash charges during the current quarter and the first quarter of 2009. The company has predicted that payroll expenses will be reduced by around $33m on an annualised basis.
Fairchild’s president and ceo, Mark Thompson said: “We are vigorously managing our business to reduce operating expenses and capital spending to drive cash flow. While current market conditions are definitely a catalyst, the restructuring should be viewed as part of an ongoing commitment to increasing the efficiency of our operations.”