On Semiconductor Corp is a manufacturer of power management chips. According to report from Reuters, the company said it would reduce about 870 jobs. The job reduction would be at its Sanyo Semiconductor unit. The move would enable the company to reduce its spending costs.
The power management chips maker would cut around 600 to 700 jobs through a voluntary retirement program. The company would also assumed related charges amounting to around USD40 million to USD48 million in the fourth quarter, said a Reuters report.
On Semi expected to save USD36 to USD45 million in costs in the first year after the completion of its retirement program. The company also said it would close a Sanyo unit in Japan. The close of a unit in Hanyu would result to a loss of 170 full time and contractual jobs. The company had been trying to turn around the loss-making Sanyo unit that it acquired for around USD500 million last January 2011, said a Reuters report.
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