Marvell Technology to cut 900 jobs, sell assets
- S&P little changed as energy weighs but financials edge up
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- Fed's Yellen says 'makes sense' to gradually raise interest rates
- UPDATE: Fed Beige Book: Wages gain modestly in most areas amid tight job market
- Mallinckrodt (MNK) Announces FTC Settlement
Get inside Wall Street with StreetInsider Premium. Claim your 2-week 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
- Marvell to Hold Investor Day on March 10, 2017
- US Foods (USFD) Names Andrew Iacobucci as CMO
- CFPB Confirms Suit Against Navient (NAVI) Over Student Loan Repayment
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!