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Cirrus Logic to shut down China IC design unit

Posted: 18 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:. 8-K filing? closing? fabless IC design subsidiary? Caretta Integrated Circuits?

Cirrus Logic Corp. has submitted an 8-K filing to the U.S. Securities and Exchange Commission reporting the company's commitment to closing its fabless IC design subsidiary in China, Caretta Integrated Circuits Corp.

Cirrus, a fabless semiconductor supplier specializing in analog, mixed-signal, and DSP chips, has determined that the Caretta operations are no longer aligned with its strategic plan. The closure is expected to eliminate 30 positions in China, and to be materially completed by the March 29, 2008.

As a result of this action, the Company estimates that it will record a total charge of approximately $11 million to $13 million, which consists primarily of a non-cash, one-time charge of approximately $11 million for the assets and goodwill related to Caretta. The Company also estimates that it will incur future cash expenditures of approximately $1 million to $2 million for expenses related to employee severance benefits and contract termination costs.

Cirrus acquired Caretta in December 2006.

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