12 March 2009
National Semiconductor staff cuts total 26%
National Semiconductor is to axe 26% of its staff– a total of 1725 jobs. The announcement followed the publication of a report that revealed Q3 sales were down $292million, down 31% from Q2 of fiscal 2009.
The consolidation of its manufacturing facilities will impact about 875 positions over the next few quarters with its sales outlook for Q4 of fiscal 2009 is expected to be down between 5 and 10%.
The report said that closures and restructure will incur between $160m and $180m in charges, consisting of severances, asset impairments and other exit related costs, of which $130m to $145m would likely to be recorded in Q4 of fiscal 2009 and the remainder in ensuing quarters. National Semiconductor currently employs approximately 6500 staff worldwide and these actions will result in the loss of 26% of its workforce.
Chairman and ceo, Brian L Halla (pictured), said: "The worldwide recession has impacted National Semiconductor's business as demand has fallen considerably. However, the actions we announced today will help us remain competitive as we continue to focus on growing markets that can benefit from our new energy efficiency initiatives."
Author
Chris Shaw
Supporting Information
Websites
http://www.national.com
Companies
National Semiconductor Corp
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