Cypress Semiconductor to cut 8% of workforce

Cypress Semiconductor Corp. CY, -1.32% stated late Monday said it plans to eliminate about 500 workers global in a move to restructure against more excessive-increase areas of its business, in step with a Securities and exchange commission filing. Cypress has just under 6,300 workers, in line with FactSet information. The combined-signal integrated circuit maker said it plans to pay out $ forty million to $ 50 million in severance over the third and fourth quarters. Shares of Cypress had been down less than zero.1% at $ 12 after hours.

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