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Fairchild Semiconductor makes 1,100 workforce reduction
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In an effort to preserve cash in the current economic downturn, Fairchild Semiconductor is making deep cuts into its operations with approximately 1,100 job losses or 12% of its workforce. The analog specialist also said that revenues would be lower for the fourth quarter, 2008 than previously guided.
“We are vigorously managing our business to reduce operating expenses and capital spending to drive cash flow,” noted Mark Thompson, Fairchild’s President and CEO. “While current market conditions are definitely a catalyst, the restructuring should be viewed as part of an ongoing commitment to increasing the efficiency of our operations. I especially want to emphasize that our key strategic R&D projects will not be affected. We will continue introducing new high value products as planned.”
Fairchild expects sales in 4Q08 to be in the range of US$320 million, compared to US$338 to US$360 million. The company expects charges of $12 to $16 million related to restructuring that will occur in 4Q08 and 1Q09.