Intersil to cut workforce by 11%
Analogue chip vendor Intersil is to cut its workforce by about 11% as part of its plan to cut costs and revamp its product portfolio.
In a regulatory filing on Wednesday, the company said its restructuring plan involved cutting operation costs by about $40million per year.
Revenue for the California based firm, which currently employs about 1,600 people, has declined for the last four quarters, which has greatly affected its operating margins.
The company now plans to focus on its top 10 growth drivers and revise its target operational model.
