Intersil to cut 18 pct of its workforce

Tue Feb 19, 2013 7:49am EST

Feb 19 (Reuters) - Intersil Corp, which makes power management chips used in flat panel displays and DVD players, said it will cut about 18 percent of its workforce as part of a restructuring.

The company said it expects to cut annual operating expenses by about $30 million through the restructuring, which is expected to be completed during the first quarter.

Intersil said it expects to incur a restructuring charge of about $15 million in the first quarter.

It did not specify the number of employees to be affected. Intersil had 1,643 employees as of December 2011.

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