Wednesday, February 25, 2009

Spansion Whacks 3000

Sunnyvale-based Spansion, a maker of flash memory products, said late Tuesday that it has cut 3,000 employees, or 35 percent of its workforce. According to Spansion, the moves were made due to "current market conditions." The cuts come shortly after the firm said it was looking for a buyer; the firm said January 15th that it had hired an investment banker and was looking at opportunities to merge with, or sell itself to similar U.S. or foreign businesses. The firm said the cuts will save it approximately $225M in annual cost savings.