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ON Semiconductor | 8-K: On Semiconductor Further Optimises 'fab Right' Strategy

SEC announcement ·  Jun 14 04:35
Summary by Futu AI
ON Semiconductor Corporation, also known as onsemi, announced on June 13, 2024, a significant restructuring plan as part of its 'Fab Right' strategy to optimize its manufacturing network and consolidate its global corporate footprint. The company plans to consolidate nine sites and reduce its global workforce by approximately 1,000 employees, with an additional 300 employees being reassigned or asked to relocate. The restructuring process is expected to be completed during 2025, adhering to local laws and regulations. onsemi anticipates incurring employment-related charges between $65 million and $80 million in 2024 and 2025, primarily within the calendar year 2024. These charges will cover severance, benefits, payroll taxes, and related expenses. Despite these changes, onsemi intends to reinvest the savings into its continuing workforce and business initiatives, which may not lead to a significant reduction in future operating expenses. The announcement includes forward-looking statements and cautions investors about the inherent risks and uncertainties in such statements.
ON Semiconductor Corporation, also known as onsemi, announced on June 13, 2024, a significant restructuring plan as part of its 'Fab Right' strategy to optimize its manufacturing network and consolidate its global corporate footprint. The company plans to consolidate nine sites and reduce its global workforce by approximately 1,000 employees, with an additional 300 employees being reassigned or asked to relocate. The restructuring process is expected to be completed during 2025, adhering to local laws and regulations. onsemi anticipates incurring employment-related charges between $65 million and $80 million in 2024 and 2025, primarily within the calendar year 2024. These charges will cover severance, benefits, payroll taxes, and related expenses. Despite these changes, onsemi intends to reinvest the savings into its continuing workforce and business initiatives, which may not lead to a significant reduction in future operating expenses. The announcement includes forward-looking statements and cautions investors about the inherent risks and uncertainties in such statements.
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