IDT plans layoffs week after acquiring Tundra

idt-logoIntegrated Device Technology, which last week announced the closing of its purchase of the Canadian chip maker, Tundra Semiconductor, said today it would reduce its workforce by about 4.1 percent after assessing its “ongoing personnel needs in light of the acquisition.”

Based on the most recent figures we could find, a combined IDT and Tundra would have about 2,350 employees, meaning the reduction in force would affect between 95 and 100 employees.

IDT estimates that it will spend between $7.8-$8.2 million in cash for severance and related costs, most of which it will write off in the current quarter. The restructuring is expected to be completed by the end of the year.

 

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