On Semi to cut 740 more staff
In a Securites and Exchange Commission filing, On Semi said the move would cost up to $62m. It plans to re-invest a substantial portion of the savings into business initiatives and that the lay-offs would not result in savings in operating expenses.
On Semi employs about 34,000 people worldwide and in 2020 had revenue of US$5.25bn, down 5 percent from $5,517bn in 2019. Profits were also lower at $348m in 2020 compared to $432m.. It has been restructuring its business over the last two years, looking to sell off fabs in Japan and Belgium and ramping up production at the 300mm former IBM fab in East Fishkill it acquired from Global Foundries.
New CEO Hassane El-Khoury took over from Keith Jackson late last year, following the sale of Cypress Semiconductor to Infineon Technologies.
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