AMCC Announces Reduction in Workforce

Citing continued softness in its markets, Applied Micro Circuits Corporation (AMCC) announced another round of job cuts. At the beginning of 2003, AMCC had 912 employees in its worldwide workforce. By the end of 2003, it now anticipates having approximately 626 employees, a 31% reduction. The realignment, combined with consolidation of certain facilities and the previously announced closure of AMCC's wafer fab will reduce ongoing operating expenses by $35-40 million annually and fixed cost of sales overhead by $15-17 million annually.
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