Skyworks Solutions (SWKS) Plans to Cut 150 Jobs
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In a Form 8-K, Skyworks Solutions (Nasdaq: SWKS) today committed to a restructuring plan to realign its costs given current business conditions. The Plan reduces global headcount by approximately 4%, or 150 employees, primarily affecting RF transceiver development.
The Plan will be implemented, in most part, by the end of the current quarter, and the Company anticipates pre-tax charges of approximately $18 million. Total cash charges will approximate $6 million, of which half are expected to be paid in the current fiscal quarter. Most of these charges will be incurred in the current quarter, and will include severance costs and asset impairments for inventory and equipment. Future benefits from the Plan will be discussed on the Company's earnings call scheduled for February 5, 2009.
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