MILPITAS, Calif. (AP) -- Semiconductor company Intersil Corp. said Wednesday it is cutting its global work force by 9 percent because of the current economic turmoil.
Including a previously announced factory consolidation in Florida, the company said it will lay off about 140 employees in the first half of 2009 and lower its annual operating costs by about $12 million to $14 million.
Intersil expects to record pretax charges of about $20 million to $23 million, or 11 cents to 12 cents per share after taxes, in the fourth quarter as a result of the cuts.
"Unfortunately, we are entering a period of significant uncertainty and we feel the prudent approach is to respond quickly," said Dave Bell, chief executive, in a statement.
Intersil makes power-management chips for PCs and other analog chips for devices like cell phones and flat-panel TVs.
Shares fell 14 cents to $13.22 in morning trading.