LONDON Automotive chip manufacturer Melexis Microelectronic Integrated Systems NV (Ieper, Belgium) does not expect to make massive head-count reductions despite forecasting that its Q4 sales will fall between 25 and 30 percent compared with the third quarter.
Francoise Chombar, joint CEO, had said in a statement that the company would continue to streamline its cost structure. However Chombar emphasized during an analyst conference to discuss the revised guidance, that the company valued its highly-trained operators and technicians and wished to keep them at roughly the same level. "We have some modulation, some flexibility. We will try to keep our capex under control," Chombar told analysts.
When asked directly if job cuts and associated charges would be necessary because of the sudden loss of demand, Chombar said: "We are very careful with hirings, but when there is a need for a change, we do the change. It could be that we take some decisions quicker now," before adding," But we don't foresee massive restructuring or headcount reductions, as such."
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