ON Semiconductor Corp., one of the Valley's cornerstone technology companies, intends to terminate 475 employees across its global footprint as it grapples with the financial fallout from the COVID-19 pandemic.
The plans were revealed Thursday in a regulatory filing after the markets had closed.
The layoffs equate to about 1.4% of the company's global workforce of 34,800 employees, of which 4,600 worked in the U.S. as of Dec. 31, 2019.
The move comes about a month after company CEO Keith Jackson had warned investors in a March 6 filing that the maker of silicon chips was in the process of implementing restructuring measures that are expected to "result in annual cost savings of approximately $90 million, the majority of which are expected to be in operating expenses," without making any reference to the nature of those measures.
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