Layoffs Hit 1,600 in Cypress Deal
Rick Merritt, EETimes
3/13/2015 01:29 PM EDT
SAN JOSE, Calif. — Cypress Semiconductor and Spansion completed their merger Thursday and notified staff of plans to cut as many as 1,600 jobs, according to an internal memo obtained by the San Jose Mercury News. The cuts represent more than 20% of the companies’ combined staff.
When the deal was announced in December, the companies said they expected to have combined revenues approaching $2 billion and save $135 million in annual costs within three years. It became apparent within less than a month of discussions about a potential merger that “we could run the combined companies a lot more efficiently,” said T.J. Rodgers, chief executive of the combined company, speaking in a video on the Cypress Web site.
![]() |
E-mail This Article | ![]() |
![]() |
Printer-Friendly Page |
|
Related News
Breaking News
- JEDEC® and Industry Leaders Collaborate to Release JESD270-4 HBM4 Standard: Advancing Bandwidth, Efficiency, and Capacity for AI and HPC
- BrainChip Gives the Edge to Search and Rescue Operations
- ASML targeted in latest round of US tariffs
- Andes Technology Celebrates 20 Years with New Logo and Headquarters Expansion
- Creonic Unveils Bold Rebrand to Drive Innovation in Communication Technologies
Most Popular
- Cadence to Acquire Arm Artisan Foundation IP Business
- AMD Achieves First TSMC N2 Product Silicon Milestone
- Why Do Hyperscalers Design Their Own CPUs?
- Siemens to accelerate customer time to market with advanced silicon IP through new Alphawave Semi partnership
- New TSN-MACsec IP core for secure data transmission in 5G/6G communication networks