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ON Semiconductor, also known as Onsemi, announced a global workforce reduction of approximately 1,000 employees. The company plans to consolidate nine sites and reassign or relocate around 300 additional employees. This restructuring is part of a broader effort to reduce costs amid weak demand for chips used in electric vehicles and an ongoing inventory glut. The company estimates charges of $65 million to $80 million for 2024-2025, with the savings to be reinvested in workforce and business initiatives. Reuters reports that Onsemi's stock symbol is $ON.
On Semiconductor (Onsemi) plans to cut 1,000 jobs globally as it reduces costs to combat weak demand for chips used in electric vehicles and an ongoing inventory glut, Reuters reports, adding the company plans to consolidate 9 sites and relocate 300 workers to other locations.…
Onsemi $ON cuts 1,000 jobs Intends to consolidate nine sites and reduce its current global workforce by approximately 1,000 employees. Around 300 additional employees will be reassigned or asked to relocate to another onsemi site. onsemi expects to complete this process during…
Onsemi to cut 1,000 jobs globally https://t.co/TzkWtmGzZa https://t.co/WLFccrFqOa