Marvell Technology to cut 900 jobs, sell assets
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
(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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Allergan (AGN) Receives Unfavorable PTAB Decision on RESTASIS-Related IPRs
- African governments urged to help 3.5 million people uprooted from their homes in 2015
Create E-mail Alert Related CategoriesCorporate News, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!