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Mindspeed cuts workforce after Picochip buy

Posted: 10 Apr 2012 ?? ?Print Version ?Bookmark and Share

Keywords:job cuts? cellular communication? femtocell?

Mindspeed Technologies Inc. has revealed that it will cut an unspecified number of jobs as part of its restructuring in the wake of its acquisition of PicoChip Ltd earlier this year.

Mindspeed said in a filing with the U.S. Securities and Exchange Commission it expects the restructuring to be completed by the end of June. The company noted that it expects to incur charges of between $1.2 million and $1.4 million, primarily related to severance costs for affected employees.

The restructuring plan consists primarily of a targeted headcount reduction in connection with the acquisition of PicoChip, Mindspeed said.

In January, Mindspeed announced its plans to acquire U.K.-based PicoChip, a provider of chipsets for cellular communications such as femtocell basestations, for $51.8 million, plus an additional amount of up to $25 million, depending on the achievement of unspecified milestones. The deal closed in February.

Mindspeed did not immediately respond to a request for more information on the restructuring.

- Dylan McGrath
??EE Times





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