QLogic Corp Announces Restructuring Plan

QLogic Corp announced that it is implementing a restructuring plan designed to streamline business operations with the goal of driving long-term profitable growth. The restructuring plan includes a workforce reduction, the consolidation of several engineering activities, and enhanced product development focus. These restructuring activities are part of an overall plan to deliver greater value to customers and shareholders, while accelerating innovation. QLogic anticipates the restructuring actions will be substantially completed within the next twelve months. Once fully implemented, the Company expects the restructuring actions will achieve annualized cash savings of approximately $20 million, primarily in operating expenses. QLogic has plans to reinvest part of these savings in the development of new products and programs.