Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
ON SEMICONDUCTOR CORP announced a restructuring with charges of between $50 million and $60 million in employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxe affecting company-wide restructuring plan that will impact all business groups including the worldwide manufacturing organization (approximately 2,400 employees).
- Type
- restructuring
- Charge
- between $50 million and $60 million in employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxe
- Affected area
- company-wide restructuring plan that will impact all business groups including the worldwide manufacturing organization
- Headcount
- approximately 2,400 employees
Exact text from the filing
On February 24, 2025, ON Semiconductor Corporation (the “ Company ” and, together with its subsidiaries, “ onsemi ”) initiated a company-wide restructuring plan that will impact all business groups including the worldwide manufacturing organization (the “ Restructuring Plan ”). This Restructuring Plan, as approved by management, consists of cost reduction initiatives designed to align onsemi’s spending with current business trends while enabling the Company to continue to make progress towards its long-term financial operating model. Under the Restructuring Plan, onsemi intends to reduce its global workforce by approximately 2,400 employees. onsemi expects this reduction in force to be completed during 2025, subject to applicable local law and regulations. The Company estimates that it will incur between $50 million and $60 million in employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes and other ancillary charges.
View on SEC.gov