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Gennum re-balancing employee base |
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Nov 28, 2006 at 06:20 PM |
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Gennum Corporation's executives have completed a review of the company's operations with the goal of reducing costs and improving sales. The company is expecting to reduce employee levels by 6 percent or approximately 36 positions from its existing headcount of 600.
"We have undertaken a comprehensive review of our operations over the past few months. As a result of this review, we are rebalancing our employee base," said Dr. Franz Fink, President and CEO of the Company. "These changes are intended to allow us to focus additional resources on better serving our customers and thus improve returns for our shareholders." The company is also planning to re-balance staff levels towards customer-facing activities and new business opportunities that will also include hiring experienced sales and technical field support staff in 2007, including a Senior Vice-President, Global Sales and a Senior Vice-President, Corporate Development. The Company expects to incur a charge of $2.5 million in the fourth quarter of fiscal 2006 specifically related to costs associated with the workforce reduction. Gennum Corporation is a semiconductor manufacturer specializing in video, audio, and data communications.
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