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Lattice to undergo restructuring

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

Keywords:restructuring 2008 plan? align revenue expense?

Lattice Semiconductor Corp. has initiated a restructuring plan to better align operating expenses with near-term revenue expectations and to more efficiently implement its product strategy.

In connection with this restructuring, headcount will be reduced by approximately 125 employees, representing about 14 percent of the company's workforce. The restructuring is expected to result in a quarterly reduction in operating expenses of approximately $4.5 million, commencing with Q4 this year. The company expects to record a restructuring charge of severance and related costs, estimated to be in the range of approximately $3.3 million to $3.8 million in Q3 08 and approximately $0.4 million in Q4 08. The 2008 restructuring plan will be substantially completed in the fourth quarter of 2008.

"Lattice is committed to delivering improved operating results and our restructuring is a key first element in our achieving that objective," stated Bruno Guilmart, Lattice's CEO. "We have also taken steps to reorganize our business to ensure that we can more effectively develop and timely deliver programmable logic solutions to meet our customers' evolving demands."

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