Conexant Cutting 3008/13/2004 3:40 AM Eastern
Conexant Systems Inc. said Friday that it will slash its global work force by approximately 300 employees by year-end.
The semiconductor vendor said the layoffs are the result of merger-related activities and lower-than-expected financial results.
Conexant also announced another 200 layoffs by year-end back in April.
“Although absolutely necessary, it is very painful to take actions that affect a talented and dedicated work force," CEO Armando Geday said in a prepared statement.
“When complete, these actions and those we previously announced will allow us to reduce our pro forma operating expenses from more than $110 million in the March-ending quarter to approximately $90 million exiting the first calendar quarter of 2005,” he added.