(Reuters) -Chipmaker Onsemi said on Thursday it would cut its global workforce by about 1,000 employees, as part of its previously announced strategy to optimize its manufacturing network and streamline global presence.
The company expects to incur between $65 million and $80 million in employment-related charges in 2024 and 2025, it said in a regulatory filing.
Onsemi would also consolidate nine sites and reassign an additional 300 employees or ask them to relocate to another site.
It expects to complete the process during 2025 and plans to reinvest part of the savings generated into some business initiatives and opportunities.
(Reporting by Juveria Tabassum; Editing by Shilpi Majumdar)
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