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1'600 to lose their jobs in Cypress / Spansion merger
Late last year, Cypress Semiconductor and Spansion announced their merger in an USD 4 billion transaction. However, it won't be the smooth ride one might have hoped for – layoffs are imminent it seems.
The merger is expected to result in a 20 percent reduction of the companies combined workforce, according to Mercury News citing a memo – from Cypress founder and CEO TJ Rodgers – which they obtained.
According to the information received by Mercury News: the memo indicates plans to layoff roughly 1'600 employees worldwide – split between the companies – with severances packages, over the coming weeks.
A Cypress spokesman has confirmed the memo to Mercury News, but declined to comment further.
