"Our Semiconductor Division developed a solid product line of high performance (content addressable memory) chips," said George Cwynar, president and CEO at Mosaid, in a statement. "However, as with many chip initiatives focussed on networking equipment vendors, we found that the market for CAMs did not grow as we had expected and as a result became economically unattractive," he said.

"We continue our initiative to sell the CAM business," added Richard Boadway, senior vice president and chief financial officer, in a statement.

Mosaid also announced the creation of a design licensing group in its Intellectual Property Division.  

The restructuring actions taken today include workforce reductions of 26 employees from the Semiconductor Division and eight from supporting roles. The company will transfer nine employees from the Semiconductor Division to the Intellectual Property Division.

The recording of a restructuring expense of $4.9 million, of which $2.5 million represents a cash cost largely related to severance

By: DocMemory
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