Synaptics To Cut 7% Of Its Workforce

(RTTNews) - Synaptics Inc. (SYNA) disclosed in a regulatory filing that it has implemented and notified impacted employees on November 15, 2017 regarding elimination of approximately 156 employee positions, that will reduce global headcount by approximately seven percent. The company also plans to implement a space consolidation program impacting certain of its locations.

The company' restructuring is intended to streamline and reduce its operating cost structure and capitalize on acquisition synergies.

Synaptics currently expects workforce reduction charges, consisting primarily of severance and other one-time benefits, to be in the range of $8.0 to $10.0 million and space consolidation actions to be in the range of $1.0 to $2.0 million.

The company anticipates these charges, which will be paid predominantly in cash, to be primarily recognized in its second quarter of fiscal 2018, with additional costs to be recognized in the second half of fiscal 2018.

SYNA closed Friday's regular trading session at $38.21.