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Intersil to reduce costs through job cuts

  • 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.