Product category:
Communications ICs (Wired)
News Release from: Tundra Semiconductor
Edited by the Electronicstalk Editorial
Team on 31 May 2007
Job cuts target $2 million savings
Cost cutting measures at Tundra Semiconductor will impact 20 existing positions, and a number of vacant posts will not be filled.
Tundra Semiconductor is implementing a plan to control costs and continue to align the global organisation more closely with the company's long-term growth strategy "This initiative is part of the ongoing transformation of Tundra's business that the new leadership team has undertaken over the last 6 months"
This article was originally published on Electronicstalk on 25 May 2001 at 8.00am (UK)
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"We are rebalancing our resources and expenses to enable success of our long-term growth strategy".
"These actions, while difficult, are essential to Tundra becoming more efficient operationally, for both the short and long term", says Daniel Hoste, President and Chief Executive Officer, Tundra Semiconductor.
A total of 20 positions have impacted by the announcement, and several vacant positions will not be filled.
This represents a combined total of approximately 7% of the company's global workforce.
Research and development and general and administrative organisations were those primarily impacted by the initiative.
Restructuring charges of approximately US $1.6 million will be recorded in the first quarter of fiscal 2008.
Cost savings expected as a result of this activity are approximately $2.0 million in fiscal year 2008.
The effect on fiscal 2008 first quarter financial results will be reflected in the guidance which the company will provide on 7th June in its fiscal 2007 fourth quarter earnings announcement.
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