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Tundra Semiconductor Announces Restructuring to Improve Organizational Alignment and Cost Structure
Tundra Semiconductor Announces Restructuring to Improve Organizational Alignment and Cost Structure.
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nResources and Expenses Rebalanced\n\n\nOTTAWA, May 30 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX:TUN),\na leader in System Interconnect, announced today that the Company is\nimplementing a plan to control costs and continue to align the global\norganization more closely with the Company's long-term growth strategy.\n\n\n"This initiative is part of the ongoing transformation of Tundra's\nbusiness that the new leadership team has undertaken over the last 6 months.\nWe are rebalancing our resources and expenses to enable success of our\nlong-term growth strategy. These actions, while difficult, are essential to\nTundra becoming more efficient operationally, for both the short and long\nterm," said Daniel Hoste, President and Chief Executive Officer, Tundra\nSemiconductor.\n\n\nA total of 20 positions were impacted by today's announcement and several\nvacant positions will not be filled. This represents a combined total of\napproximately 7% of the Company's global workforce. Research and Development\nand General and Administrative organizations were primarily impacted by this\ninitiative. Restructuring charges of approximately $1.6 million will be\nrecorded in the first quarter of fiscal 2008. Cost savings expected as a\nresult of this activity are approximately $2.0 million in fiscal year 2008.\nThe effect on fiscal 2008 first quarter financial results will be reflected in\nthe guidance which the Company will provide on June 7th in its fiscal 2007\nfourth quarter earnings announcement.\n\n\nAbout Tundra\n\n\nTundra Semiconductor Corporation (TSX:TUN) supplies the world's leading\ncommunications, computing and storage companies with smart System Interconnect\nproducts, intellectual property (IP) and design services backed by world-class\ncustomer service and technical support. Tundra's track record of product\nleadership includes over a decade of bridges and switches enabling key\nindustry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), PowerPC(R), VME,\nHyperTransport(TM), Interlaken, and SPI4.2. Tundra's products deliver high\nfunctional quality and simplified board design and layout, with specific focus\non system level signal integrity. Tundra's design services division, Silicon\nLogic Engineering, Inc., offers industry-leading ASIC and FPGA design\nservices, semiconductor intellectual property and...