Wednesday, November 20, 2002
Communications chip maker Pericom Semiconductor Corp. is to cut about 10% of its workforce and outsource more manufacturing and support related activities to Asia-based subcontractors.
The company said Monday (November 18) that these moves would increase responsiveness and reduce costs.
Pericom said it would take a restructuring charge in the December 2002 quarter of up to $150,000 to cover severance and other related costs, but it expects the moves to reduce its expenses by about $1 million annually.
"Our sales and marketing organizations have also been restructured to be in line with our view of shifts in the marketplace. In the future we will selectively add resources to address these shifts and growth opportunities. We will continue our strategic investments in engineering and expect that the continuing stream of new product introductions will fuel our growth going forward," said Alex Hui, president and chief executive officer of Pericom, in a statement.
By: DocMemory
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