|
Tundra Semiconductor axes 20 jobs in restructuring move |
|
|
|
May 31, 2007 at 05:39 PM |
Tundra Semiconductor has said that as part of a restructuring effort to manage cash-flows, 20 jobs or approximately 7 percent of its workforce are to go in its Research and Development and General and Administrative departments.
"This initiative is part of the ongoing transformation of Tundra's business that the new leadership team has undertaken over the last 6 months. 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," said Daniel Hoste, President and Chief Executive Officer, Tundra Semiconductor.
Restructuring charges of approximately $1.6 million will be recorded in the first quarter of fiscal 2008.
|
Going Places