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Marvell Technology Cuts 850 Jobs
Tuesday, March 10, 2009 7:54 AM


(Source: Datamonitor)trackingSemiconductor components provider Marvell Technology Group has announced plans to cut approximately 850 jobs to reduce costs in response to the deteriorating economic environment. The company has also imposed a company-wide salary freeze, cut some salaries, suspended bonuses, and consolidated facilities.

It expects charges associated with the job cuts and consolidation of facilities taken to date to be approximately $20m, including approximately $14m related to severance and other employee benefit payments and approximately $6m related to facility consolidation.

The company recently reported a net loss of $65.01m for the fourth quarter 2009, against profit of $70.94m in the year-ago quarter, on revenue down 39% at $513m.

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