Marvell Technology to cut 900 jobs, sell assets

November 2, 2016 4:48 PM EDT

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(Reuters) - Marvell Technology Group Ltd (NASDAQ: MRVL) said it plans to cut about 900 jobs globally and sell non-core assets in a bid to lower costs by as much as $190 million annually.

The company expects to complete the restructuring by end of October next year and bring down costs to $820-$840 million annually from $1.08 billion.

Marvell has about 5,300 employees, according to its website.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)



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