Intersil to reduce costs through job cuts
May 24 , 2012
Chipmaker Intersil is set to reduce its workforce by 11 percent in a bid to cut costs.
The company expects to incur charges of about $9 million in the second quarter due to the restructuring.
The restructuring plan includes trimming operating costs by about $40 million per year.
As of December 31, 2011, Intersil employed 1,643 workers.
The company has reported a drop in revenue over the last four quarters but costs have not decreased and are hitting its operating margins.