National Semiconductor (Santa Clara, CA, U.S.) said on Wednesday it would take a fourth-quarter charge as it plans to cut about 340 jobs and to close a business unit as part of its efforts to reduce costs.
The maker of electronic chips used in everything from cell phones to cars, said it expects to take a charge of U.S. $25 million to $30 million in the fourth quarter due to the cost cutting.
National Semiconductor said it would close down a unit that makes certain components for cell phones, and that it is in discussions to sell its information appliance unit.
The company said it did not change its fourth quarter revenue forecast for $420 million to $432 million.
National Semiconductor said it hopes to save about $120 million a year from the restructuring. (Reuters)
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