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Intersil Corporation
ISIL, today announced a resource rebalancing initiative
designed to better align the company's operating expenses with
strategic growth areas to improve competitiveness and execution
across the business. The actions will shift more resources to product
development, reducing expenses in manufacturing and sales operations
as well as administrative functions. The initiative is specifically
designed to create long-term structural changes that will enable
incremental investments in product development, while remaining
approximately within the current overall operating expense run rate.
The company also announced today higher than expected revenue of
$144.8 million for the second quarter ended July 5, 2013.
The rebalancing initiative includes a reduction of the workforce by approximately 150 employees, which is anticipated to be gradually
offset by the addition of new hires in design and development over
the next few quarters. The resulting restructuring charges are
expected to be in the range of $8 to $12 million. Management intends
to discuss this initiative and the company's strategic direction
during the upcoming second quarter earnings webcast.
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Posted In: News
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