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California: News and Insight on Business in the Golden
State | THE STATE / TECHNOLOGY

National Semiconductor to Cut Work Force

April 23, 1998|Bloomberg News

National Semiconductor Corp. said it will eliminate about 1,400 jobs, or 10% of its work force, in order to cut costs in the face of slumping demand for its computer chips. The company will take a pretax charge of $60 million to $70 million, or 27 cents to 32 cents a diluted share after taxes, in the current quarter to pay for the restructuring. National is struggling to remain profitable as prices for chips found in mobile phones, personal computers and other devices tumble. The company said last month that it expects to lose money in its fourth quarter ending May 31. National's shares rose 56 cents to close at $23 on the NYSE. Most of the job cuts will be made at its Santa Clara headquarters. The number includes 560 workers affected by the previously announced closure of National's older silicon wafer factories in Santa Clara. Other cuts will be made at plants in Asia and elsewhere.

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