Cypress Semiconductor To Eliminate About 500 Jobs

(RTTNews) - Cypress Semiconductor Corp. (CY) disclosed in a regulatory filing that it expects to eliminate about 500 positions from its global workforce across all business and functional areas.

The company expects to record and pay in cash employee severance and other related charges in a range of approximately $40 million to $50 million, primarily in the third and fourth fiscal quarters of 2016. A portion of the charges may be recorded and paid in cash through fiscal year 2017.

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 2016 Restructuring Plan may not result in a material reduction in future operating expenses.