Short Take: General Semi plans reorg, layoffs
Chipmaker General Semiconductor announced a restructuring plan to try to improve the company's financial results amid a difficult semiconductor market. About 50 employees from a workforce of 5,000 will be cut, or offered early retirement packages, according to a spokeswoman. The company expects a pretax restructuring charge of up to $14 million in the fourth quarter, but said earnings expectations before the restructuring charge should remain on target.
Chipmaker General Semiconductor announced a restructuring plan to try to improve the company's financial results amid a difficult semiconductor market. About 50 employees from a workforce of 5,000 will be cut, or offered early retirement packages, according to a spokeswoman. The company expects a pretax restructuring charge of up to $14 million in the fourth quarter, but said earnings expectations before the restructuring charge should remain on target.