Marvell To Cut 900 Jobs Worldwide As Part Of Restructuring
Marvell Technology Group Ltd. will cut about 900 positions worldwide and divest certain businesses as part of its restructuring effort to refocus on research and development activities. The company plans to initiate the reorganization process immediately with the core steps completed by the end of October 2017. "The restructuring actions are expected to lower the company's annual operating expenses to a range of $820 million to $840 million from a current annual rate of $1.08 billion," the chip maker said in a statement Wednesday. Marvell expects to incur charges of $90 million to $110 million over the next four quarters, including cash charges of $35 million to $50 million. Shares were unchanged in late trading after the stock closed at $12.94.
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