ON Semiconductor Announces New Cost-Reduction Measures
ON Semiconductor (Phoenix, AZ) announced new cost-reduction measures as a continuation of its previously announced and ongoing initiatives. As part of this latest action, the company will reduce its worldwide employee population by more than 1,000 positions, or about 8 to 12 percent, over the next several weeks. The company also has announced a 10-percent salary reduction for US employees and a temporary shutdown of its facilities in Arizona and Rhode Island, Sunday, June 24 through Saturday, July 7, 2001.
“We intend to come out of the current market condition in fighting shape,” said Steve Hanson, ON Semiconductor's president and CEO. “We are confident we have the right customers, the right technologies, superior product solutions and service and now the right organizational model to be a leader in our industry. During this soft market, we have compressed actions we would have taken over time and believe this will be an advantage for us. We intend to be a very different and very competitive company. We already have the highest-rated customer loyalty in the semiconductor industry; now we need to show more customers why.”