On Semi details job losses under restructuring

April 15, 2020 //By Peter Clarke
On Semi details job losses under restructuring
On Semiconductor Corp. (Phoenix, Arizona) has said that it will cut 475 jobs under a restructuring plan disclosed in March.

The cuts will come at multiple sites including the headquarters, On Semi said. The jobs represent about 1.5 percent of On Semi's global workforce.

On March 6, On Semi said that it was looking to achieve $90 million in annual savings on top of savings of approximately $25 million announced on February 3.

On Semi said the jobs that are going are structural in nature and are not expected to impact the company's ability to respond to a recovery in demand post Covid-19. The redundancies are expected to cost On Semi between $43 million and $47 million in the first two quarters of 2020. But the company said it will continue to evaluate additional measures to achieve further cost savings.

Related links and articles:

www.onsemi.com

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