AMCC Cuts 11% Of Workforce |
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Posted By: Technology Staff Editor In: Information Technology
written by Mark LaPedus, courtesy of EE Times
SAN JOSE, Calif. -- In a move to cut costs, Applied Micro Circuits Corp.--or AppliedMicro--is reducing its workforce by approximately 11 percent, according to a filing.
The employees affected by the plan were informed on Jan. 12. It expects to incur cash expenditures of approximately $1.3-to-$1.7 million during this calendar year for employee severances.
The company anticipates that the restructuring plan will reduce its ongoing net operating expenses by approximately $1.5 million annually.
Recently, AppliedMicro claimed that it had turned the corner. In recent years, the company experienced a wave of losses, management changes and product setbacks. Over the years, AppliedMicro also made a number of questionable acquisitions, many of which failed to pay dividends.
In January, AppliedMicro said that President and CEO Kambiz Hooshmand would step down after the company reported a loss.
In April, LSI Corp. acquired the assets and certain associated intellectual property of the RAID adapter business of AppliedMicro for approximately $20 million in cash.
At present, AppliedMicro is focusing on two main businesses: computing and transport/connectivity. On the computing front, AppliedMicro recently rolled out a CMOS-based, 32-bit processor, built around IBM Corp.'s Power Architecture.
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