News & Analysis
SMSC to cut 5% of workforce
1/18/2012 6:57 PM EST
SAN FRANCISCO—Mixed-signal chip maker Standard Microsystems Corp. (SMSC) said Wednesday (Jan. 18) its board of directors voted to approve a restructuring plan that will eliminate about 5 percent of its global workforce, or about 50 employees.
In a regulatory filing, SMSC (Hauppauge, N.Y.) said it expects the move will reduce the company's operating expenses by about $6 million to $7 million per year.
SMSC said it will take accounting charges of about $1 million to $1.5 million during the fourth quarter of its fiscal 2012, which closes in April. The company did not divulge details about the expected layoffs.
In a regulatory filing, SMSC (Hauppauge, N.Y.) said it expects the move will reduce the company's operating expenses by about $6 million to $7 million per year.
SMSC said it will take accounting charges of about $1 million to $1.5 million during the fourth quarter of its fiscal 2012, which closes in April. The company did not divulge details about the expected layoffs.
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daleste
1/18/2012 10:30 PM EST
I thought we were past the layoffs and things were starting to get better for hiring. I guess I was wrong. At least it is only 50 people that are affected. I hope they are quickly able to land new positions.
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camerellin
1/19/2012 1:41 AM EST
i agree with daleste :)
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creedin
1/19/2012 2:48 AM EST
They do this every year. 90%+ affected employees are in the US. (mostly New York, which only has ~200 employees left).
This 3 year old post is all you need to know
http://bit.ly/y5KGan
They've even sold their NY HQ Bldg
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daleste
1/19/2012 8:32 PM EST
Very interesting reading. I didn't realize that SMSC was in that bad of a shape. I was also surprised that their total workforce is only 1000, worldwide. I guess it will fade away and the golden parachutes will deploy.
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trusqui
2/2/2012 3:42 PM EST
I was one of the 50 employees who lost their job on Jan 18th. We knew the situation of the company was bad, but now it is decaying. I survived 2 layoffs prior to this one and the stress I lived during my last year of employment was not worth the money. I feel so bad for the current employees because the environment is unbearable. I cannot speak for the rest of the company but I can speak for the Tucson center, they let go all of the Product Engineering team and the Layout team, because they are outsourcing the jobs to Sofia Bulgaria, I would not be surprised if the 12 remaining employees are gone by the end of this month.
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phoenixdave
2/2/2012 3:51 PM EST
@trusqui: Very sorry to hear that you were affected by the layoff. I'm sure that many on this Message Board can personally relate. Hope that you can find new employment very soon.
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sureshtheory
1/19/2012 3:18 AM EST
I beileve laywork is not the best thing an organization can do for an employee... They can go for other cost cutting measures or calculate things in prior.., By doing so they are losing the trust from the other employees...
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t.alex
1/19/2012 9:36 AM EST
Are they shifting the operation anywhere else?
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aaron.fisher
1/20/2012 8:57 AM EST
Cutting in US, hiring in India
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phoenixdave
2/2/2012 3:51 PM EST
Actually Sofia, Bulgaria.
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t.alex
1/21/2012 2:25 AM EST
Probably these are software related.
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