Friday, October 31, 2008

Freescale Cuts 10 Percent On Losses

Austin-based semiconductor maker Freescale said Thursday that it will lay off 10% of its workforce, after posting $3.37 billion in losses in Q3. Freescale said that the restructuring includes redirecting research and development, reducing headcount across supply chain, technology, marketing, and G&A. The firm said it will take a charge of approximately $175M for the restructuring, but will save over $400M annually in cost savings from the cuts.