Synaptics To Lay Off 160 Employees

(RTTNews) - Synaptics Inc. (SYNA) Thursday revealed its plans to lay off 160 employees and close down some of its office locations.

The company plans to reduced its global headcount by about 9%, according to a SEC filing.

Synaptics expects to incur costs of $10 million to $11 million mostly in severance fees as well as costs of $3 million to $4 million for the consolidation of office space primarily consisting of lease-cancellation fees and other costs.

The company expects the charges to be recorded in fourth quarter of 2016, as well as in fiscal 2017.

"These programs represent cost-cutting measures to align the company's cost structure consistent with its revenue levels," the company said in the filing.

Synaptics, whose main customer is Apple, has been adversely affected by the slowing sales of iPhones.

SYNA closed Thursday's trading at $60.50, down $1.31 or 2.12%, on the Nasdaq. The stock further dropped $0.65 or 1.07% in the after-hours trade.