AMD to take $50 million restructuring charge

Posted on Friday, Apr 03 2009 @ 19:45 CEST by Thomas De Maesschalck
Chip maker AMD announced yesterday that it will record restructuring costs of about $50 million in the first quarter. AMD said further costs reduction actions will result in unspecified additional charges during the remainder of fiscal 2009 and beyond. The company aims to complete its restructuring plan in Q4 2009.
Of the $50 million, about $23 million is related to severance costs and expenses for continuing some employee benefits, the company said. Roughly $13 million is related to contract or program termination costs.

AMD said further cost reduction actions will result in additional charges during the remainder of fiscal 2009 and beyond, which it said it can't estimate at this time, related to facility consolidations or closures.
Source: Business Week

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Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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