Cypress Semi says adopts restructuring plan, sees $40M-$50M charge
Cypress Semiconductor disclosed in a regulatory filing: "On September 27, Cypress adopted a restructuring plan to realign our organizational structure and shift our investments and focus to our high-growth businesses. As part of the plan, Cypress expects to eliminate approximately 500 positions from its global workforce across all business and functional areas. In connection with this action, the company expects to record and pay in cash employee severance and other related charges in a range of approximately $40M-$50M, primarily in Q3 and Q4 of 2016. A portion of the charges may be recorded and paid in cash through FY17... The company plans to reinvest a substantial portion of the savings generated from the 2016 restructuring plan into employee related matters and certain business initiatives and opportunities. Consequently, the restructuring plan may not result in a material reduction in our future operating expenses."