Altera trims work force by 33 jobs, paying out $106K for each

Posted by Jack Davis on March 17th, 2009 at 6:17 pm | Categorized as Altera, Docu-Drama, Layoffs | Tagged as Altera, Layoffs, Severance, Stock Buybacks

Altera, the San Jose maker of analog chips, announced today that it will incur about $6 million in restructuring-related charges, including $3.5 million in employee termination payments connected with the cutting of 33 positions, or a little over 1 percent of its work force. The per-job-cut rate for those terminations works out to $106,061 each.

Charges related to the termination of an unspecified number of the company’s external sales reps will come to $2.5 million.

The company estimated that it will save $11 million annually as a result of the terminations.

Last year Altera spent $473.2 million buying back 26.6 million of its own shares, paying on average $17.78 for each, down from the $1.2 billion it spent in 2007 buying 58 million shares at an average of $21.16 each. Altera shares, which have traded at an average of $15.85 so far in 2009, closed Tuesday at $17.50, up 88 cents, or 5.3 percent, for the day.

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