Loss-making Cypress Semiconductor is in the process of sacking 500 employees out of its 6,900 workforce at a cost of $40 to $50 million in severance payments.

The 7% cut in the workforce follows the appointment of new CEO Hassane El-Khoury who took over from founding CEO T.J.Rodgers.

Cypress’ H1 loss was $623 million on sales of $869 million.

The company now has $188 million cash and debt of $833 million.

Earlier this year Cypress paid $550 million for Broadcom’s IoT business.

Last year, Cypress merged with Spansion and then laid off 20% of the two companies’ combined workforce – about 1,600 people.

By: DocMemory
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