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ON Semi trims workforce to reduce overall expenses

Posted: 24 Aug 2012 ?? ?Print Version ?Bookmark and Share

Keywords:cost cutting? restructuring plan? semiconductor foundry?

Roughly 250 workers will be terminated by the end of the third quarter as ON Semiconductor carries out its initial plan to cut back on operational costs.

In another cost-cutting move, ON Semi said it canceled its annual cash bonuses for senior executives. The company said it canceled the cash incentive program as part of a number of cost-cutting measures designed to bring spending in line with revenue projections in light of a sluggish macroeconomic environment and conservative order trends from customers.

ON SEMI said earlier this month that it planned to cut an unspecified number of jobs as part of a plan to save the company between $10 million and $15 million per year.

In the second quarter, ON Semi cut 10 percent of jobs from its Sanyo Semiconductor division, which was acquired in 2011. ON Semi last year announced plans to close three fabs in Japan and two back-end test and assembly facilities in Thailand. The fab closures are taking place this year, while the back-end facilities never reopened after being damaged during the Thai floods in 2011.

Dylan McGrath
??EE Times





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