SAN JOSE, Calif.—Nonvolatile ferroelectric random access memory vendor Ramtron International Corp. will cut its workforce by 17 percent and reduce salaries for all employees by 5 to 12 percent as part of a series of cost reduction actions, the company said Tuesday (March 17).
Ramtron (Colorado Springs, Colo.) said it expects to reduce its previously projected 2009 costs and operating expenses by about $5.1 million as a result of the layoffs and salary reductions
Ramtron said it expects to record charges totaling $5.8 million during the first half of 2009, of which most will be taken during the first quarter, the company said. About $4.8 million of the charges will be non-cash impairments of goodwill, long-term assets, and purchased IP associated with the company's Canadian operation, Ramtron said. The remaining $1 million is related to severance costs, the company said.
After the workforce reduction, the company employs 102 people throughout its worldwide operation, the company said.
"In light of the uncertainty surrounding current economic conditions, we decided to take pre-emptive steps to align the company's cost structure with a very conservative annual revenue level that is projected lower than our previously stated 2009 annual revenue guidance," said Bill Staunton, Ramtron's CEO, in a statement.
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