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December 26, 2007
NEW YORK - Cypress Semiconductor Corp. said Wednesday it will sell or exit its manufacturing facility in Round Rock, Texas and transition production to its more "cost-competitive" Minnesota facility and outside third-party foundries - eliminating 245 jobs in the process.
In a filing with the Securities and Exchange Commission, the memory chip maker said it expects to exit the plant by the end of 2008, unless a buyer is found sooner. No product lines are being discontinued as part of the restructuring plan.
San Jose, Calif.-based Cypress said it will take severance and benefit-related charges of $6 million to $7 million, related to the divestiture, mainly over the next four quarters. Total costs, excluding the book value of the facility and equipment, are estimated to range between $7 million and $9 million.
Shares rose 75 cents, or 2 percent, to $38.66 in afternoon trading.
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