Intersil (ISIL) Board Approves Revision to Restructuring Plan, Will Cut Headcount by 11%

In a Form 8-K, Intersil (Nasdaq: ISIL) just announced its Board approved a restructuring plan to focus on its Top Ten Growth Drivers and revise its target operating model.

The restructuring plan includes a reduction of approximately 11% of Intersil’s worldwide workforce and a reduction of approximately $40 million in annual operating expenses. The Company expects to recognize restructuring-related charges of approximately $9 million, consisting primarily of employee severance benefits, during the second quarter of 2012.

Intersil expects to fully achieve these cost reductions by the third quarter of 2012. As a result, GAAP operating expenses are expected to be approximately $80 million and Non-GAAP* operating expenses are expected to be approximately $66 million during the third quarter of 2012.

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