Vitesse Announces Workforce Reduction
Vitesse Semiconductor Corp. (Camarillo, CA) announced that it has reduced its workforce by approximately 10 percent of the 1,300 people that it employs worldwide.
Vitesse President and CEO Lou Tomasetta said, "We continue to seek ways to manage our cost structure. This workforce reduction, while unfortunate, was necessary to lower our operating expenses and reduce our breakeven level. As we go forward, we will remain focused on those strategic programs necessary to our success and will continue to monitor costs in all areas of our business. Our previously announced pro-forma financial guidance for the first quarter of fiscal 2002 remains unchanged."