Semtech Trims Workforce By About 6% - Quick Facts

(RTTNews) - Semtech Corp. (SMTC) Monday said it is reducing its workforce by about 6 percent as part of a previously announced restructuring effort.

The recent activity is expected to generate cost savings of approximately $35.0 million for the fiscal year 2015.

"Due to the significant reduction in demand in the second half of our fiscal year 2014, we have initiated a series of operating expense reductions across the Company. We believe these actions position the Company to accelerate earnings growth as our overall demand returns to growth," said Mohan Maheswaran, President, CEO.