UPDATE 1-Cirrus Logic to close China unit, cut jobs

Fri Mar 14, 2008 10:40pm GMT
 
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March 14 (Reuters) - Chipmaker Cirrus Logic Inc (CRUS.O) said it will eliminate about 30 positions in China during the fourth quarter and record a charge as it plans to close its Shanghai unit.

The Austin, Texas-based company said it planned to close Caretta Integrated Circuits, which it acquired in December 2006, as the unit's operations were no longer aligned with its strategic plan.

In a regulatory filing, Cirrus said it expects the closure to be completed on March 29 and that it will record a total charge of about $11 million to $13 million.

Shares of the company closed at $5.44 Friday on Nasdaq. (Reporting by Swagata Gupta in Bangalore; Editing by Deepak Kannan) ((swagata.gupta@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: swagata.gupta.reuters.com@reuters.net))

 

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